London's EuroSets captures two per cent Dutch trade

London's EuroSets captures two per cent Dutch trade

The London Stock Exchange's EuroSets Dutch Trading Service got off to a fair start Monday with 150,000 orders entered over the new platform.

Over the course of the day, 28 different firms traded in 40 of the 49 Dutch securities being offered as part of its new trading service.

By close of business, the Exchange says it had attracted seven per cent order book market share in Royal Dutch, as well as seven per cent in Wolters Kluwers, four per cent in Unilever, and nine per cent in Imtech. For the AEX and AMX as a whole, order book trades with a value of €32.6 million, representing a market share of around 2.34%, were traded on Eurosets.

Off-book business amounted to an additional 747 trades with a value of €583 million.

Martin Graham, the Exchange's director of market services, says he would expect volumes to grow over the coming weeks as some firms resolve outstanding software issues and others begin to use smart order routing engines allowing trader to seamlessly slip between markets.

Clara Furse, LSE chief executive said last week the Exchange aimed to capture 30% of trade in Dutch stocks within a year.

London, which shares the same clearing infrastructure as Euronext, is believed to stand a better chance of siphoning off liquidity than rival Deutsche Bourse, which launched its own alternative Dutch trading service earlier this year.

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