MTS, the electronic fixed income trading market majority owned by London Stock Exchange, says it plans to launch a pan-European corporate bond platform for the wholesale market.
The move is a direct response to specifications issued by the Cassiopeia Committee, which was established earlier this year to implement recommendations for the introduction of corporate bond platforms in Europe.
The firm says its proposed market would be open for the listing and trading of Euro-denominated debt instruments, operating on an electronic order-driven model. It would be managed by EuroMTS and use MTS's Cash Market Facility technology.
Jack Jeffery, chief executive, MTS, says: "We have an ongoing dialogue with our customers, and will be working closely with them to assess our proposed platform. This will ensure the platform is built on a suitable model, capable of attracting good levels of liquidity."
MTS is following in the footsteps of Nyse Euronext, which said in October that it is planning a pan-European MTF for corporate bonds in response to the Cassiopeia Committee.