NEURO Dark
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| NEURO Dark | |
| Founded | Anticipated launch Apr. 27, 2009 |
|---|---|
| Products | Dark pool |
NEURO Dark is a dark pool that will be offered by Nasdaq OMX Group Inc.
The U.S. exchange’s London-based Nasdaq OMX Europe would start NEURO Dark on Apr. 27 of 2009, the company said in a statement released in mid March 2009.
It was announced that the service, which wouldn’t display or publish price quotes, would offer about 800 of the most actively traded European blue-chip stocks. It appeared Nasdaq OMX was hoping to boost market share in European equity trading and follow in the footsteps in rival Deutsche Boerse AG and Turquoise in offering a "dark pool" for stocks across the region.[1]
NEURO Dark will be a reference price system based on best bid and offer prices and will offer similar functionality to that of NASDAQ OMX Europe.[2] The platform will use a reference price waiver to exempt it from publishing pre-trade data under MiFID. This will allow it to trade dark orders of any size.[3]
It will operate as a separate platform to the Nasdaq OMX Europe MTF and orders in the dark pool will not interact with those on the lit platform.
Contents |
Background
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The exchange had been trying to break into the European market since 2006 when it bid for London Stock Exchange Group Plc.
Products and Services
The platform will offer an internalized order type, which will allow members to effectively execute against their own internal order flow. They will be able to choose either to interact only with internal flow, or to cross with internal flow first and execute any unmatched portion of the order in the main dark pool.
Another key feature of NEURO Dark will be its onward routing capability, which it shares with Nasdaq OMX Europe’s displayed platform.[4]
Key People
References
- ↑ Nasdaq OMX Follows Rivals in Starting European ‘Dark Pool’. Bloomberg. Retrieved on March 18, 2009.
- ↑ NASDAQ OMX Europe Announces Launch of New Dark Pool Platform. MSNBC. Retrieved on March 18, 2009.
- ↑ Nasdaq OMX dark pool may use pan-European price reference. The Trade News. Retrieved on March 18, 2009.
- ↑ Nasdaq OMX dark pool may use pan-European price reference. The Trade News. Retrieved on March 18, 2009.
