Euronext’s AVD order type for equities goes live
The new service is set to enhance liquidity opportunities for clients around opening and closing auctions.
The new service is set to enhance liquidity opportunities for clients around opening and closing auctions.
Euronext is set to establish a technology centre in Athens to support its network following the acquisition; plans include the establishment of a cross-border clearing framework.
The decision from the Hellenic Capital Market Commission (HCMC) makes the firm’s tender offer unconditional, with an acceptance period set to run until 17 November; results to be announced on 19 November.
Merz’ support follows recent developments to unify Europe’s markets and address fragmentation across the region, such as Euronext’s bid to acquire all ATHEX shares.
The exchange is set to launch a voluntary exchange offer, running until 17 November, with the proposal already receiving unanimous support from ATHEX’s board of directors.
The offering will unify listing, trading, clearing and settlement and is set to address fragmentation and distribution issues across European ETF markets.
The contracts are listed on the Euronext Derivatives Milan market, and are powered by the exchange’s clearing platform.
Individual brings more than two decades of industry experience to his new position, and has also previously worked at Goldman Sachs, JP Morgan, Nomura and Lehman Brothers.
The pan-European exchange saw a 12.8% increase in overall revenue and income in the second quarter of this year, driven by strong results in its fixed income, clearing, FX and equity divisions.
If the acquisition comes to fruition, the combined group would run on a unified trading and post-trade technology, with a cross-border clearing framework.