Nyfix (Nasdaq: NYFX), a leading provider of innovative solutions that optimize trading efficiency, announced today a single-day record for the number of shares matched in its Euro Millennium dark pool crossing network.
The range and volume of liquidity in Euro Millennium has grown dramatically in the past three months with clients resting record volumes of order flow in the pool. On yesterday's record day, the available liquidity in the pool exceeded €35.7 billion with more than 1,000 different European stocks being represented and 23 million shares matched.
Euro Millennium clients have also experienced price improvement and reduced market impact across a broad range of stocks with different market capitalisations. In November, the average price improvement for all trades was 14 basis points.
Chris Smith, Director, NYFIX International, comments: "Crossing networks like Euro Millennium are proving their value and providing clients with greater price improvement and reduced market impact over lit books. In the past few months, the depth and breadth of liquidity in the pool has grown to new heights as buy-side and sell-side clients have become more familiar with the benefits of the service."
NYFIX Chief Executive Officer Howard Edelstein adds: "We are pleased with the recent progress of Euro Millennium. NYFIX's agency-only model, which has no proprietary trading risk, together with our strong balance sheet and healthy cash position, has given us the flexibility to make significant strategic investments like Euro Millennium."
Euro Millennium is a neutral and transparent crossing network that offers real-time continuous matching at or within the best bid and offer of the primary exchange. With the flexibility of various trading execution options Euro Millennium enables firms to meet their execution objectives without concerns for information leakage.
Since its launch in March 2008, Euro Millennium's buy- and sell-side clients have experienced:
- Reduced Market Impact and Optimal Price Improvement. Executed trades ranging from large-cap to small-cap stocks, achieved an average price improvement in November of 14 basis points. More specifically, averages for FTSE indices include:
FTSE 100 - 7.64 bps
FTSE 250 - 26.05 bps
FTSE Small Cap - 79.65 bps
- Depth of Liquidity. Euro Millennium continues to set new volume records with single days reaching €35.7 billion of available liquidity, €63 million in matched consideration and over 23 million shares being matched.
- Breadth of Liquidity. Liquidity is available daily in more than 1,000+ stocks across the UK, Belgian, Dutch, French, German and Portuguese markets. In addition, SWX Group's SWX Swiss Block, which is powered by Euro Millennium, is now available for trading Swiss blue chip equities.
- Market Ratios. In the past few weeks, Euro Millennium captured significant market ratio in single stocks across all market capitalizations.
- Workflow Integration. Euro Millennium is integrated with ten of the leading European trade order management (OMS) and execution management (EMS) systems to enable efficient access to the pool from within a trader's existing workflow.