GL Trade, global provider of integrated cross-asset, front-to-back, multi-market software solutions for financial institutions, today announced a partnership with Nyfix, a trusted provider of innovative solutions that optimise trading efficiency, which provides GL Trade clients with direct access to Euro Millennium, an open and neutral European dark pool.
The partnership will leverage respective strengths between two of Europe's leading solution innovators.
The GL TRADE interface to Euro Millennium is live and instantly available in ASP access to all users of GL NET, GL TRADE's low-latency connectivity network: this will allow clients to benefit from the breadth and depth of liquidity available in Euro Millennium. The partnership assists clients with their best execution objectives by delivering price improvement and ensuring that market impact is minimised. Landsbanki Kepler, which has set out an ambitious strategy for trading in the post-MiFID European equity market environment, will be the first client to have direct access to Euro Millennium through GL Trade, thus improving their workflow and benefiting from trading on non-displayed markets.
Chris Smith, Director, NYFIX International, comments: "GL Trade is a great partner for us as we look to increase the accessibility of Euro Millennium to the buy-side and sell-side throughout Europe. This partnership capitalises on GL Trade's strong European presence and facilitates our mutual clients' experience of the benefits of dark liquidity trading".
Charles-Henry Choël, Global Head of Trading Solutions, GL TRADE, adds: "GL TRADE is committed to providing access to the widest possible range of trading venues and recognises the value of dark liquidity in Europe's new trading landscape. With fast-track access to Euro Millennium's innovative matching pool our clients are able to execute orders according to their specific profiles, achieve their best execution objectives and reduce market impact."