Source: Townsend Analytics
Townsend Analytics, a leading provider of global multi-broker, cross-asset electronic trading solutions, is adding the recently launched, broker-neutral Euro Millennium dark pool from NYFIX to its extensive choice of destination offerings through Townsend's RealTick EMS.
The connection enables RealTick's buy- and sell-side clients to route electronic orders for UK listed cash equities today, and will be rolling out other major European markets over the course of 2008. These orders can be sent directly to the dark pool itself or through a preferred broker. Traders can employ NYFIX's continuous, real-time matching algorithms to execute trades within the best bid/offer of the primary market as well as send pass-through orders. Traders also can let orders reside in the system until a natural fill arises to minimize market impact.
European equity markets are undergoing dramatic transformation, driven by regulatory changes allowing cross-border and off-exchange trading, as well as by the growth in electronic and algorithmic trading. While these catalysts have in turn spurred the development of other dark pools, ETFs, Alternative Trading Systems (ATSs) and quoting venues, Euro Millennium's unique neutrality and open market model set it apart.
"As a truly open European dark pool, Euro Millennium supports all market participants seeking price improvement and minimal market impact--be they buy-side, sell-side or the hedge fund community," affirms Paul Kelly, Director, NYFIX International Ltd. "Townsend is a natural partner for NYFIX as we are closely aligned in our desire to provide our clients with optimal trade execution," he explains.
"We are pleased to be one of the first EMS platforms to connect to Euro Millennium and to offer our clients yet another opportunity for price and volume discovery with complete anonymity," comments Michel Finzi, Managing Director, Global Head of Sales and Marketing for Townsend Analytics. "We have a successful relationship with the NYFIX Millennium U.S. dark pool, and look forward to contributing to the growth and support of their European venue," he adds.