Chris Smith, Director, NYFIX International, comments: âJudging by the depth and breadth of liquidity we have seen in Euro Millennium over the past couple of weeks, it is becoming clear that clients are really starting to appreciate the greater price improvement and reduced market impact they can receive.â
NYFIX Global Head of Transaction Services C. Thomas Richardson adds: âIn the United States, dark pools and crossing networks are well-established and a vital part of most firmsâ trading strategy. In Europe, a similar trend is developing as more firms experience the benefits of dark trading, and adopt algorithms that can access these venues.â
Euro Millennium is a neutral and independent crossing network that offers real-time continuous matching at or within the best bid and offer of the primary exchange. With the flexibility of various trading execution options Euro Millennium enables firms to meet their execution objectives without concerns for information leakage.
On December 12 Euro Millenniumâs buy- and sell-side clients experienced:
o Reduced Market Impact and Optimal Price Improvement. Executed trades ranging from large-cap to small-cap stocks, achieved an average price improvement on December 12 of 12.95 basis points. More specifically, averages for FTSE indices include:
FTSE 100 â 8.69 bps
FTSE 250 â 21.39 bps
FTSE Small Cap â 70.36 bps
o Breadth of Liquidity. Executions on 12th December were split across 6 markets; 85% in UK stocks, 5% in French stocks, 4 % in German stocks and 2% in Dutch, Belgian and Portuguese stocks respectively.
o Market Ratios. On December 12, Euro Millennium captured significant market ratio in single stocks across all market capitalizations.