US trading technology vendor Nyfix is launching Euro-Millennium, an off-exchange alternative trading system (ATS) for pan-European listed cash equities, later this year.
The service will be a UK regulated Multi-Lateral Trading Facility (MTF) for non-displayed liquidity in pan-European listed cash equities and is set to go live in Q4 2007.
Euro-Millennium will be open to all buy-side and sell-side professional market participants and will offer a continuous matching pool, executing orders in accordance with client-determined profiles.
The system will offer clients the ability to participate in the pool by placing conditional orders, which reside in the service until matched, or by sending pass-through orders which participate in a single matching cycle in search of a match, before being onward routed to another destination of the client's choice
Nyfix says a management team based in London is running the project and an advisory board of senior market participants from both buy side and sell side firms from across Europe has been established.
Chris Smith, head of business development for Euro-Millennium, says the MiFID regulations along with the increased adoption of electronic trading has driven demand for a service which enables market participants to find liquidity in a broad range of pan-European shares on an anonymous basis.
"Combine this need with the ability to limit information leak, reduce market impact and offer an ability to seek best execution and you have the reasons behind the launch of Euro-Millennium," adds Smith.