Advanced Trading reports: After doubling its average daily volume of shares trading in the past six months on its NYFIX Millennium Dark Pool, NYFIX is working to increase liquidity in the undisplayed matching pool even more in the coming months.
With new tools and added functionality, Howard Edelstein, CEO of NYFIX, said NYFIX Millennium is working to broaden its reach.
“We have some pretty ambitious growth objectives,” Edelstein said. “2007 was a sort of transition year for us and now you’ll see one seamless team by the year end and new products start to hit the market. By the end of the year we’ll also start to see significant revenue growth.”
He pointed out that NYFIX Millennium reached a record 68 million shares matched in the system in a single day and the numbers continue to climb.
To accomplish this, Edelstein said NYFIX Millennium will be adding new asset classes, as well as new geographies. In Europe he said NYFIX is already actively looking to partner with or acquire complementary offerings in order to take advantage of MiFID changes and launch similar offerings for undisplayed crossing in equities and other products.
“We recognize the importance of having global assets on the ground,” Edelstein said. “We’re actively looking for people we can partner with who have corresponding skill sets, but maybe don’t have the technology or the community that we have and see the real value partnering up with us and taking advantage of our deep experience in this market.”