NYFIX Millennium LLC, operator of non-displayed execution facilities, has released Millennium PLUS, a new feature of Millennium that aggregates disparate liquidity sources from throughout the securities industry.
The new feature allows Millennium participants to generate anonymous liquidity alerts to external dark pools and other passive liquidity sources, significantly increasing execution opportunities for both Resident and Pass-Through Millennium PLUS orders.
Millennium PLUS is currently being offered to a select group of clients and liquidity partners, with general availability expected in Q3 2007.
“With the ever-increasing amount of liquidity fragmentation in today’s financial markets, it has become more and more difficult for market participants to effectively source the best opportunities for execution,” says Brian Carr, CEO of NYFIX Millennium LLC. “By introducing Millennium PLUS, we are providing an efficient way to defragment and reaggregate disparate liquidity. Along with our recently-released liquidity sourcing algorithms, Millennium PLUS will be a key component of our liquidity aggregation strategy in the future.”
In other news, NYFIX also has introduced Euro-Millennium, an alternative trading system for pan-European listed cash equities. The service, which is scheduled to go live in Q4 2007, will be a UK-regulated Multi-Lateral Trading Facility (MTF) for non-displayed liquidity in pan-European listed cash equities.