28 January 2009 News

 

SmartPool to start trading next week following FSA approval

SmartPool, the new Multi-lateral Trading Facility set up by NYSE Euronext, BNP Paribas, HSBC and JP Morgan, has received approval from the UK Financial Services Authority to launch its dark pool for block trading in European stocks.

SmartPool will begin trading services on 2 February 2009 with stocks from 15 European markets, including Spain, during the first month of trading.

Yvette Roozenbeek, acting chief executive of SmartPool, said: "With the current trend for trading in smaller sizes on light books, SmartPool offers institutional order flow an alternative neutral MTF for trading block orders. We plan a controlled and phased roll-out of markets and expect volumes to develop over time, particularly in current market conditions."

Euronext members can use a fast track membership process to start on SmartPool by extending their existing membership and use their existing trading access to start trading on the platform without any additional charges.

The new MTF recently expanded its London management team with the appointment of Johanna Danby, previously with Deutsche Bank, as chief operating officer, and Charles Armytage as senior sales manager, formerly employed at Reuters.

SmartPool will make available for trading approximately 1,000 stocks from 15 European markets in a phased introduction. The markets include Germany, Austria, Netherlands, Belgium, France, Sweden, Switzerland, Spain, Finland, Denmark, Norway, Portugal, Italy, UK and Ireland.

LCH.Clearnet will clear all Euronext-listed stocks and EuroCCP will clear for the remaining 11 markets.