Morgan Stanley MTF

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Morgan Stanley MTF
Founded 2019
Headquarters Paris
Products Multilateral trading for trading pan European equity and equity-like instruments
Website https://www.morganstanley.com/msmtf

Morgan Stanley MTF is a multilateral trading facilityfor trading pan European equity and equity-like instruments. It has three separate order books: a periodic auction, a non-displayed liquidity pool and a negotiated trade book.

The trading platform opened in January 2019, and is the third bank in Europe to operate an MTF, after UBS and Goldman Sachs. It was the first to do so under the MiFID II rules.[1]

The platform runs on Euronext's technology and is based in Paris.


History

Technically, Morgan Stanley MTF is operated by Morgan Stanley France SA, which is authorized by the French regulator, Autorite des Marches Financiers (AMF) and the French Prudential Supervision and Resolution Authority (ACPR). And was set up to offer trading in cash equities and equity -like instruments in Austrian, Belgian, Danish, Dutch, Finnish, French, German, Irish, Italian, Norwegian, Portuguese, Spanish 1, Swedish, Swiss and UK markets.[2]

Products and Services

Morgan Stanley MTF offers a periodic auction order book, with eligible orders triggering periodic auctions and pre-trade publication of the uncross price, indicative uncross volume and an imbalance indicator to attract additional liquidity.

It also offers a non-displayed liquidity pool, executing at the midpoint of the relevant reference market utilising either the reference price waiver or the large in scale waiver (depending on the size of the Orders) (pending regulatory waiver approvals)

And it provides a negotiated trade book, a mechanism for members to agree off-book negotiated trades which are subject to conditions other than current market price.[3]


Key People

References

  1. Inside MS MTF: Europe’s Newest Equity Venue. Tabb Forum.
  2. MORGAN STANLEY MTF PARTICIPANT MANUAL. Morgan Stanley MTF.
  3. About Us. MS MTF.