The Executive Board of OPEX-SGSNM SA, having heard the market agents, including all financial intermediaries and issuers, makes public that the first Portuguese Multilateral Trading Facility, PEX, registered in CMVM on 7 April 2008 (Portuguese Market Regulator) will begin its activity, as such, 16 June.
OPEX is the only Portuguese firm that manages Multilateral Trading Facilities and whose structure was always prepared to become a MTF (Multilateral Trading Facility) according to the Markets in Financial Instruments Directive – MiFID.
Multilateral Trading Facilities play a key role in the primary objective of the MiFID directive; providing competition on equities exchange trading.
The Portuguese market will be the second market with European Passport to become an option for exchange equity trading orders. On the short run OPEX wants to position itself as the MTF platform of choice for the Portuguese Market.
Initially, PEX-MTF will list all companies admitted on the domestic regulated market, trading from 8:00 a.m. to 19:00, in continuous trading. In attach, those securities are listed.
It was decided to start the negotiation with a selected pilot group of Members. We want to ensure PEX is a benefit to the market. Within the pilot group: Caixa Banco de Investimento, Finibanco, Lisbon Brokers and Golden Brokers: representative of Portuguese domestic intermediaries.
This innovation will impact exchange brokerage, since all Financial Intermediaries should adopt the Best Execution principle to give their customers the best possible result at the time of execution, taking into account, among other factors, the different trading platforms.