MTF NEUROsis

Posted by Steve Grob on April 29, 2010 · Leave a Comment 

NASDAQ OMX confirmed this week that it will close NEURO, its London based MTF, at the end of next month. Given that it was backed by the mighty NASDAQ OMX why did it fail and is this the end of the MTF model as we know it? It didn’t help that NEURO launched at the height (depth) of the credit crisis, but it always seemed to struggle to develop a real identity of its own. Chi-X was first and Turquoise had a bunch of investment banks priming it with liquidity whilst BATS has... Read More

Filed under Europe Lit venues

Battle Stations

Posted by Steve Grob on April 26, 2010 · Leave a Comment 

Had a couple of productive (and fun) days at TradeTech Europe last week. The Fidessa airship flying round the exhibition hall served as a good reminder to everyone that the switch by the LSE Group onto its spangly new Millennium Exchange platform is fast approaching. This new matching engine will also be powering the LSE’s own MTF, Turquoise, which will be going live ahead of the LSE main market in September. Last week also saw the LSE Group introduce a revised pricing scheme... Read More

Filed under Dark pools Europe

Trading US Stocks European Style

Posted by Steve Grob on April 20, 2010 · 1 Comment 

Few can have missed the announcements from the LSE’s Turquoise and NYSE Arca Europe that they will each soon begin trading US stocks. Both venues will aim to attract the HFT/algo community which will be able to exploit differences in prices between these platforms and their US counterparts. On this point, the Turquoise plan is particularly aggressive as it will allow users to trade for free initially. This shows just how determined senior management at the LSE Group really are,... Read More

Filed under Europe Lit venues USA

Less haste more speed

Posted by Steve Grob on April 8, 2010 · 3 Comments 

Quite a lot has been written over recent weeks about the London Stock Exchange’s market share and last week helped to clarify some of the issues. Prior to this period the LSE had enjoyed a temporary boost in volumes driven by the triple witching hour on March 19th when many traders go to the LSE in order to cover their equity options positions. But this was just a small kink in the underlying trend which shows the fragmentation of FTSE 100 stocks seemingly on a never ending... Read More

Filed under Europe Lit venues

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