Source: The Order Machine
TOM, The Order Machine, announces that TOM MTF will start trading Dutch equities as of 8 October 2010.
In addition to the founding members, namely BinckBank and Optiver, TOM is now giving third parties the opportunity to trade on TOM MTF. Initially, the members of TOM MTF will be: ABR Financial, IMC, Optiver and TOM Smart Execution. BinckBank will have their customer orders sent to the Smart Order Router (SOR) of TOM Smart Execution. The SOR has the ability to execute client orders on TOM MTF or on NYSE Euronext Amsterdam, hereby fulfilling the best execution requirement under the European MiFID legislation.
Willem Meijer, CEO of TOM: "The launch of the MTF is a milestone for both TOM and its members. From this point on, market participants in the Netherlands now have a serious alternative to execute their transactions at substantially lower costs. Furthermore, banks and brokers will now have the opportunity to compare prices on various exchanges for their retail customers. The legislation set forth by the European MiFID has unlocked opportunity. The start of this initiative is therefore an interpretation of the principle that promotes competition between exchanges and the best execution obligation, as set out by MiFID."
Rob Defares, CEO of IMC: "We are delighted with the start of TOM MTF. Competition in the market results in lower transaction costs on exchanges. This is attractive for both professionals, like IMC, and retail banks. We therefore strongly support this initiative."