The uniform symbology committee comprised of several pan-European market centres today announced Quote MTF as the newest member of the industry working group whose aim is to develop a uniform symbology framework for European equities.
The working group, formed in October 2008, addresses the challenges posed by the multiplicity of stock symbols used in European equities trading on MTFs. The committee currently comprises BATS Europe, Chi-X Europe, NASDAQ OMX Europe, NYSE Arca Europe and Turquoise.
"As a no-frills MTF we are very happy to become a part of this valuable initiative because creating and adopting standards are cornerstones of our business model," said Tamás Madlena, CEO of QUOTE MTF. "We strongly believe that harmonised symbology is beneficial for the whole of the industry, as it is a clear step towards a more efficient European trading landscape where peer venues co-operate for simplicity and ease of use."
The aim of the working group is to reduce complexity and create greater efficiency throughout the trading process in Europe by developing and maintaining a uniform framework for such symbols. This would allow for market data from European trading venues to be consolidated more easily and for smart order routing to operate more effectively. Participation in the group is open to all European execution venues.