SmartPool greenlighted by FSA; to begin trading next week

SmartPool greenlighted by FSA; to begin trading next week

SmartPool, the new multi-lateral trading facility (MTF) set up by Nyse Euronext, BNP Paribas, HSBC and JPMorgan, has received Financial Services Authority (FSA) approval to launch its dark pool for block trading in European stocks.

SmartPool will begin trading next week with stocks from 15 European markets, including Spain, during its first month of trading. SmartPool has recently expanded its London management team with the appointment of Johanna Danby, chief operating officer, previously with Deutsche Bank, and Charles Armytage, senior sales manager, formerly employed at Reuters.

Yvette Roozenbeek, Acting CEO of SmartPool, says: "With the current trend for trading in smaller sizes on light books, SmartPool offers institutional order flow an alternative neutral MTF for trading block orders. We plan a controlled and phased roll-out of markets and expect volumes to develop over time, particularly in current market conditions."

Euronext members can use a fast track membership process to start on SmartPool by extending their existing membership and use their existing trading access to start trading on the platform without any additional charges.

FSA approval for SmartPool comes just a day after Nyse Euronext and Bids Holdings received the greenlight from the Securities and Exchange Commission to launch a block trading execution platform for the US markets. Their 50/50 joint venture New York Block Exchange (NYBX) will begin trading this Thursday.

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