Nyse Euronext testing MTF for European corporate bonds

Nyse Euronext testing MTF for European corporate bonds

Nyse Euronext has set up a strategic committee that will assist and advise on the creation of a pan-European Multilateral Trading Facility (MTF) for corporate bonds.

The exchange operator outlined plans to create the Paris-based MTF, dubbed Nyse BondMatch, in July as a response to the specifications issued by the Cassiopeia Committee in April.

The electronic platform - based on Nyse Euronext's Universal Trading Platform - is designed to provide transparency, liquidity and effective pre- and post-trade services on the euro-denominated bond market.

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.

The MTF has been available for testing since earlier this month and the strategic committee will monitor market developments and conduct reviews to advise the board on options and projects.

Jean-François Boulier, CEO of Aviva Investors Europe, will chair the committee, reporting to Roland Bellegarde, Nyse Euronext EVP for European listing and cash trading.

Other initial members include deputy chairman Christophe Roupie, global head of trading and securities financing at Axa Investment Managers, Luc Caytan, MD, global financials services at KBL European Private Bankers, Fabrizio Capanna, head of retail credit trading, Europe (ex-UK) at BNP Paribas CIB and Ibrahima Kobar, CIO, fixed income at Natixis Asset Management.

Commenting on the members, Dominique Cerutti, president, Nyse Euronext, says: "They have the extensive experience and in-depth knowledge of the business world needed to help us define the right strategy for future growth. They also reflect the diversity of potential users of our new bond trading platform."

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