Nyse Euronext is set to launch a pan-European Multilateral Trading Facility (MTF) for corporate bonds.
The exchange operator says the electronic platform - based on its Universal Trading Platform - will make it the first to respond to the specifications issued by the Cassiopeia Committee in April.
The MTF will only accept firm orders with no minimum amount and will process orders chronologically based on the time they are recorded in the book.
Clearing will be handled by LCH.Clearnet, with links to the International Central Security Depositories and European national Central Security Depositories for settlement and delivery.
Dominique Cerutti, deputy CEO, Nyse Euronext, says: "Nyse Euronext is the first stock exchange in Europe to respond to the needs expressed by the Cassiopeia Committee, and does so by capitalizing on the efficiency of our business model and expertise in developing a secondary market for bonds. This initiative is at the heart of our strategy and illustrates our commitment to making Paris the European benchmark for trading in euro-denominated corporate bonds."