BATS Holdings (BATS) is an innovative global financial markets technology company headquartered in the Kansas City, Mo., area with additional offices in New York and London. The BATS platform was launched in January 2006 and, operating as BATS Exchange, Inc., is one of the fastest growing, top tier equity markets in the United States. BATS serves the European market through its London based, FSA authorised subsidiary, BATS Trading Limited, which operates a Multilateral Trading Facility for European securities. The BATS platform is internally developed by a dedicated core team of market and technology professionals, catering to the needs of the broker-dealer and trading community. BATS … Making Markets Better.
Chi-X Europe Limited is the first live order-driven pan-European Multilateral Trading Facility (MTF). Chi-X Europe provides a low cost, high speed model enabling professional participants to trade pan-European equities. Chi-X Europe, majority-owned by Instinet Incorporated, and an FSA-authorised securities firm, was launched in March 2007 offering trading in Dutch and German stocks. Since launch, Chi-X Europe has introduced UK, French, Swiss, Swedish, Finnish, Norwegian, Danish and Belgian equities as part of an ongoing programme to introduce new markets and indices. Chi-X Europe’s low-cost, streamlined model is designed to help institutional investors achieve ultra-low execution, clearing and settlement costs. Chi-X Europe disseminates market data to clients directly and via third-party market data vendors at no cost, and trade reporting is available for a low monthly fee.
Equiduct Trading, operated by Börse Berlin (a regulated market operator), is due to be launched as a pan-European market offering cost effective MiFID compliance, order by order. The main differentiators of Equiduct Trading are: VBBO (Volume-weighted Best Bid and Offer), the true best price, mathematically derived pan-European benchmark; PartnerEx, tailored business-to-business relationships to provide guaranteed Best Execution including the flexibility to use multiple clearing and settlement venues; PartnerEx Internaliser, “on exchange” internalisation without any conflict of interest; Hybrid Book, an ultra low latency platform at competitive costs, where orders and two sided prices meet.
The NASDAQ OMX Group, Inc. is the world’s largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company of fers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from Nasdaq OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius.
A pioneer in electronic trading solutions, NYFIX continues to transform trading through innovation. The NYFIX Marketplace™ is a global FIX-based community of trading counterparties utilising innovative services that optimise the business of trading. NYFIX’s Appia® and Tradescope® software provide the foundation for FIX messaging, infrastructure management, and reporting, while NYFIX ioinet provides sophisticated filters and analysis tools to help clients find liquidity through indications of interest. The NYFIX Millennium® ATS is a leading dark pool of liquidity in the United States providing price improvement and minimal market impact for trade execution. Most recently, NYFIX launched Euro Millennium™, a neutral dark pool of liquidity for pan European listed cash equities.
The nine founding members, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale and UBS have invested in Turquoise to give traders freedom to choose among liquidity venues. The Turquoise Multilateral Trading Facility (MTF) provides electronic execution services to buyers and sellers of pan-European equities, aiming to deliver greater value at all stages of the trading process. Turquoise’s unique model recognizes the importance of visible order book activity in today’s market structure and reconciles small order, high frequency activity with traders’ desire to find institutional-size liquidity. The integrated market segment of Turquoise combines dark and visible orders to increase the likelihood of execution and price improvement for small orders. At the same time, it allows the trading of large, institutional-size orders, efficiently and with minimisation of information leakage and market impact.