NASDAQ OMX Europe, BATS Europe and Chi-X Europe Limited create an open, industry working group to develop common symbology framework for trading European stocks.
The project is open to any European execution venue. Uniform symbology can consolidate market data from any trading venue either MTF or exchange and make more effective smart route orders.
A common symbology will ease navigation between market centres and ultimately provide a better experience to investors, says Todd Golub, head of markets development, NASDAQ OMX Europe. This move will also reduce the back office complexities associated with MiFID. NASDAQ OMX Europe looks forward to continued collaboration with other market centres to address the needs of the new European trading environment.
By working with Chi-X Europe and NASDAQ OMX Europe we have identified a market need and the potential complexities fragmentation can create and have responded accordingly with this initiative, says Paul ODonnell, COO, BATS European Markets division.
Collaboration on open initiatives such as a common symbology should help the European market become more attractive not only to investors in Europe, but also the international trading community, says Hirander Misra, COO, Chi-X Europe.
L.D.