Townsend Analytics, a provider of global multi-broker, cross-asset electronic trading solutions, is adding the recently launched, broker-neutral Euro Millennium dark pool from NYFIX to its choice of destination offerings through Townsend’s RealTick EMS.
The connection enables RealTick’s buy- and sell-side clients to routeelectronic orders for UK listed cash equities today, and will be rolling out other major European markets over the course of 2008. These orders can be sent directly to the dark pool itself or through a preferred broker.
Traders can employ NYFIX’s continuous, real-time matching algorithms to execute trades within the best bid/offer of the primary market as well as send pass-through orders. Traders also can let orders reside in the system until a natural fill arises to minimise market impact.
European equity markets are undergoing dramatic transformation, driven byregulatory changes allowing cross-border and off-exchange trading, as well as by the growth in electronic and algorithmic trading. While these catalysts have in turn spurred the development of other dark pools, ETFs, Alternative Trading Systems (ATSs) and quoting venues, Euro Millennium’s unique neutrality and open market model set it apart.
“As a truly open European dark pool, Euro Millennium supports all marketparticipants seeking price improvement and minimal market impact–be theybuy-side, sell-side or the hedge fund community. Townsend is a natural partner for NYFIX as we are closely aligned in our desire to provide our clients with optimal trade execution,” says Paul Kelly, director, NYFIX International Ltd.
“We are pleased to be one of the first EMS platforms to connect to EuroMillennium and to offer our clients yet another opportunity for price andvolume discovery with complete anonymity. We have a successful relationship with the NYFIX Millennium US dark pool, and look forward to contributing to the growth and support of their European venue,”adds Michel Finzi, managing director, Global Head of Sales and Marketing, Townsend Analytics.
Townsend’s RealTick EMS aggregates multiple brokers, destinations andproducts onto a single-screen format for ease of use and faster electronicorder routing. Clients include institutional and proprietary trading desks, hedge funds, CTAs, FCMs, buy-side institutions and professional traders in 94 countries and territories around the world.