Quote MTF to enter pan-European trading market

Quote MTF to enter pan-European trading market

The crowded European market for stock exchange trading will welcome another new liquidity platform in the coming months with the summer launch of Quote MTF, an upstart independent venue operating out of Hungary.

Slated for launch in June, Quote MTF is majority-backed by BRMS, a holding company with stakes in the recently-launched Omega ATS in Canada. The BRMS vehicle is owned by Peter Beck, founder of Canadian securities dealer SwiftTrade.

Quote MTF will be entering an already crowded market, characterised by declining volumes and cut-throat pricing for scarce liquidity.

The newcomer's backers believe they will be able to win market share by undercutting rivals and keeping costs to a minumum by operating out of Budapest.

The company is also expected to play on its independent status when taking on rival platforms, which tend to be backed by major broker dealers and incumbent exchanges.

The firm is currently building its own trading engine - which will be based in London to reduce latency - and has engaged a central counterparty, believed to be EMCF, for clearing.

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