NYFIX Millennium, one of the industry’s dark pools of liquidity, set a volume record in January 2008, matching a total of over 1.2 billion shares.
This volume also established a new average daily matched volume record for a month of nearly 58 million shares.
“January’s record volumes are proof that Millennium has become a great venue for finding unique liquidity and achieving best execution. Millennium’s volume growth is attributable to many factors, including an increase in Nasdaq-listed executions, greater participation from the buy-side, and a solid mix of institutional liquidity. We’re also seeing an increasing percentage of liquidity available at the “mid-point.” This volume growth is evidence that the industry finds value in an independent source for mid-point pricing that minimizes market impact and is open to all parties, both buy and sell-side,” says Brian Carr, CEO, NYFIX Millennium LLC.
In terms of execution quality, NYFIX Millennium has been ranked as the leading venue to achieve price improvement in the last two NYSE Execution Quality rankings from Celent, a leading independent research firm for the securities industry. Millennium also placed second for price improvement in Celent’s most recent Nasdaq Execution Quality rankings, released in the autumn of 2007.
NYFIX Millennium is an automated execution venue designed to maximize execution quality and reduce overall transaction costs. Millennium offers users the opportunity to achieve price or liquidity improvements while mitigating negative market impact for institutional-size trades.
Linked to the primary markets and exchanges, Millennium’s real-time matching algorithm routinely executes trades at or better than the National Best Bid or Offer (NBBO). Included in the volume figures noted above are conditional orders that are executed against pass-through orders and other conditional orders, and third-market trades crossed by clients and reported by NYFIX to Nasdaq.