SmartPool, the pan-European dark multilateral trading facility operated by NYSE Euronext, has reported strong market share gains in France this month and has added Société Générale to its member base.
According to figures from Thomson Reuters' Equity Market Share Reporter, SmartPool accounted for 22% of total dark trading in the CAC 40 up to 29 September, making it the second largest non-displayed MTF for French stocks behind London Stock Exchange-owned MTF Turquoise.
“Joining NYSE Euronext's Universal Trading Platform has enabled us to build on the London-based investment banking community,” SmartPool CEO Lee Hodgkinson told theTRADEnews.com. “This has allowed us to take a targeted approach to building up market share on a country-by-country basis and work with local customers to build our liquidity pool.”
Since joining the UTP in May, SmartPool has cemented its place as the third largest dark MTF in Europe behind Chi-X and Turquoise, leading to new interest from prospective clients.
“To deliver best execution to our customers we continuously monitor non-displayed trading activity in public markets across Europe to identify venues that provide accessible liquidity of the right quality and quantity,” commented Stephane Loiseau, managing director, deputy global head of execution services at Société Générale Corporate & Investment Banking. “The rapid growth of volumes on SmartPool in Europe led the bank to add this venue to its algorithmic trading strategies to make that liquidity available to institutional investors.”
As well as NYSE Euronext, investment banks J.P. Morgan, BNP Paribas and HSBC all have a stake in SmartPool.