Citibank Privatkunden, online broker Consors, and German regional banks Oldenburgische Landesbank and Bankhaus Neelmeyer, have signed up as order flow providers for best execution on Nasdaq Deutschland, which went live today.
The new additions join current bank partners, Commerzbank, comdirect bank and Dresdner Bank. The Berlin-based exchange says more than 40 banks throughout Germany and Austria are connected to the exchange, and many of these are expected to offer retail customers best execution on Nasdaq Deutschland, including Bankgesellschaft Berlin on 7 April.
As of today, 128 securities from the Nasdaq-100 and Dow 30 will be traded using a hybrid model comprising of marketmakers and direct execution over a modified version of Nasdaq's SuperMontage trading platform. An additional 110 German stocks from the DAX, MDAX and TecDAX will be introduced on 7 April. The exchange says it aims to offer trading on 3000 stocks.
John Jacobs, executive vice president, Nasdaq stock market, says that the retail focus of the new Nasdaq market will achieve greater visibility for Nasdaq-100 companies with German retail investors.