Exchange group NYSE Euronext has delayed the launch of its pan-European MTF NYSE Arca Europe and its dark book Smartpool until January 2009, following consultation with its clients.
Both platforms were originally scheduled to launch this month, but this has now been delayed until the new year in line with their customers’ wishes. “Clients told us that ongoing MiFID projects coupled with market conditions have limited their resources and meant this wasn’t the most ideal time for them to connect to more MTFs,” a NYSE Euronext spokesperson told theTRADEnews.com. “We are ready to launch, but would prefer to do so with the full commitment of our customers.”
NYSE Arca Europe will offer trading in blue-chip European stocks, except those already on offer on its Euronext markets in Belgium, France, Netherlands and Portugal. It also plans to offer four clearing agents, starting with EuroCCP, followed by European Multilateral Clearing Facility – now owned by the Dutch government and Nasdaq OMX – LCH.Clearnet and Swiss clearer SIX X-clear.
Smartpool is backed by banks HSBC, BNP Paribas and J.P. Morgan, and will also use EuroCCP and LCH.Clearnet for clearing services. It is also awaiting approval from the UK’s Financial Services Authority before it can commence operations.