Fortune smiled NYFIX, Inc. on 2 December 2008. Its Euro Millennium dark pool crossing network witnessed the liquidity of 35.7 billion, a significant exceed of available volume. More than 1,000 different European stocks were represented and 23 million shares matched.
NYFIX, Inc., a provider of comprehensive applications that optimize trading efficiency, announces the record day. The range and volume of liquidity in Euro Millennium has grown dramatically in the past three months with clients resting significant volumes of order flow in the pool.
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.
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.
The service allows its buy- and sell-side clients following benefits:
-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
-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.
– 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.
-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.
Crossing networks like Euro Millennium are proving their value and providing clients with greater price improvement and reduced market impact over lit books, says Chris Smith, director, NYFIX International.
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.
L.D.