Nasdaq OMX Europe

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NASDAQ OMX Europe
Founded 2008
Headquarters Europe
Key People Charlotte Crosswell, President
Products Defunct Multilateral Trading Facility

NASDAQ OMX Europe (aka NEURO) was a Multilateral Trading Facility (MTF) launched by NASDAQ OMX Group in 2008. It was shut down in 2010 after it failed to meet the exchange's growth objectives.[1] Its aim was to provide a trading and routing platform for the most actively traded European stocks.[2] The market received regulatory approval from the Financial Services Authority (FSA) as a Multilateral Trading Facility on September 8, 2008,[3] [4]

Nasdaq OMX said it would maintain its London office and data centers in London to support Nasdaq OMX trading and market data operations, running the UK power exchange N2EX and supporting the international listings business.

NASDAQ OMX Europe offered trading in 25 constituents of the FTSE 100 initially, followed by a staggered roll-out of about 600 European securities.

Nasdaq OMX Europe faced heavy competition from the MTFs Chi-X and Turquoise, whose trading platforms had already grabbed significant market share by charging less than exchanges and by promising faster trades.

History

  • On September 8, 2008 Nasdaq OMX Group announced it had entered into a partnership with Citi to provide routing broker services for Nasdaq OMX Europe. The partnership enabled NASDAQ OMX Europe to become the first multilateral trading facility to offer a pan-European order routing service. Citi would provide its high-speed execution platform including the Neonet XG Market Gateway product.
  • In late August 2008, Nasdaq OMX set its Europe pricing structure, which gave rebates to customers who added stocks for sale.
  • On May 21, 2010, NASDAQ OMX Europe ceased operations. [5]

Key People

References

  1. Nasdaq OMX to Close pan-Europoean Equity MTF. Advanced Trading.
  2. Nasdaq OMX Europe. Nasdaq OMX Europe.
  3. Nasdaq OMX Europe Receives FSA Approval. wallstreetandtech.com.
  4. Nasdaq OMX Is Ready to Go. WSJ.
  5. Nasdaq OMX to Close pan-Europoean Equity MTF. Advanced Trading.