NYFIX Launches Euro Millennium Pan-European Dark Pool

Posted March 17, 2008

NEW YORK – Electronic trading solutions provider NYFIX Inc. has thrown a gauntlet into the European marketplace with its launch today (March 17) of Euro Millennium, a pan-European equities trading dark liquidity venue.

NYFIX’s new venue hits the ground running with Credit Suisse and Citi already live on Euro Millennium, Chris Smith, Director, NYFIX International tells Global Investment Technology. Creating a new venue to transact dark liquidity in Europe is more challenging than in the US for several reasons, says Smith. “There are multiple markets within the European community,” he points out. “There are still cross-border challenges. One of the most common ones is that here in the UK, we’re still carrying around pictures of the Queen in our wallets, while France has Euros.”

Euro Millennium is beginning with matching of UK-listed equities, and will roll out into other major European markets over the course of 2008. Its technology is based on NYFIX Millennium, the independent US dark pool that NYFIX has operated for seven years.

NYFIX developed Euro Millennium with an advisory board including Allianz Global Investors KAG mbH, Baring Asset Management, BNP Paribas Securities Services, Citi, CA Cheuvreux, Credit Suisse, DWS Investments, Insight Investment, JPMorgan Asset Management, JPMorgan, Merrill Lynch, Resolution Asset Management, Schroder Investment Management and UBS.