NYSE Euronext to Provide Transparency for Alternative Trading Systems
20 Ottobre 2009 - 3:06PM
Business Wire
NYSE Euronext (NYX) announced that beginning next month, it will
provide a means for participating broker-dealers’ alternative
trading systems (ATSs) and off-exchange market centers to create
transparency regarding volume and individual “dark pool” activity
by allowing the firms to “print” trades on the FINRA/NYSE Trade
Reporting Facility (TRF) and display the daily activity of each
trading venue on NYSE.com.
“This is an example of NYSE Euronext and the industry working
together to develop a positive solution to address the lack of
understanding regarding the extent and nature of ‘dark pool’
trading , which has been a concern for regulators and legislators,”
said Joseph Mecane, NYSE Euronext’s Executive Vice President and
Chief Administrative Officer for U.S. Markets. “We believe this
will bring requisite and appropriate sunlight to alternative
trading systems and other sources of off-exchange liquidity, and
also help standardize the way their trading volumes are
reported.”
NYSE Euronext has been discussing the idea with a number of
firms that operate ATSs and off-exchange trading venues, and
Barclays Capital, GETCO, Goldman Sachs Execution & Clearing,
L.P., Knight Equity Markets, L.P. and UBS Investment Bank have
volunteered to begin reporting their respective venues’ activity to
the FINRA/NYSE TRF in November 2009. Other firms have indicated an
interest in NYSE Euronext’s transparency initiative and are
establishing the necessary technology to begin participating in the
program in the coming weeks.
"This initiative is an important step toward the standardization
of trade volume reporting across ATS venues," said Frank Troise,
Head of Equities Electronic Product at Barclays Capital. "Industry
participants will be able to make more informed order placement
decisions and thereby improve their execution quality."
"We need to maintain the right balance between vibrant public
price discovery and individual execution preference," said Jon Ross
head of GETCO Execution Services. "This initiative is an important
first step in collecting the data critical to analyzing and
preserving that balance."
“We’re looking forward to the launch of NYSE Euronext’s
ATS-transparency initiative,” said Greg Tusar, Head of Electronic
Trading in the Americas at Goldman Sachs. “By publishing trading
volume on its website, NYSE Euronext has spearheaded an
industry-driven solution which provides a public source for
evaluating broker-dealer ATS volumes.”
"Knight is pleased to work with NYSE Euronext to increase
transparency among off exchange liquidity providers through their
FINRA/NYSE Trade Reporting Facility,” said Jamil Nazarali, Managing
Director, Knight Equity Markets. "This new facility will enable
market participants to better evaluate and compare competing pools
of liquidity to make more informed routing decisions."
Charlie Susi, Head of Direct Execution for the Americas at UBS
Investment Bank, said, “The way the industry has advertised
non-displayed volumes and crossing rates has been highly
inconsistent – which makes it very difficult for clients to get a
clear picture of liquidity. This initiative is something we're
pleased to see, because it will establish better objectivity and
clarity. We encourage all of our peers to join us in
participating.”
The daily trading activity volume published by the FINRA/NYSE
TRF will be based on trades reported to the FINRA/NYSE TRF, which
follow FINRA’s trade-reporting rules. Basing the published volume
strictly on trade reports will address some of the problems
associated with voluntary reporting by ATSs of their own volume,
such as counting both sides of a trade, and counting trades that
are routed by not executed. Trades reported to FINRA/NYSE TRF will
be single-counted and matched-only. All ATS trades are currently
reported to an industry TRF, which in turn drives the various “time
and sales” market data feeds. This initiative attributes the
volumes to the matching destination.
Each trade reporting facility provides a mechanism for the
reporting of transactions effected otherwise than on an exchange.
While each TRF is affiliated with a registered national securities
exchange, each TRF is a FINRA facility and is subject to FINRA's
registration as a national securities association.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial
markets and provider of innovative trading technologies. The
company's exchanges in Europe and the United States trade equities,
futures, options, fixed-income and exchange-traded products. With
more than 8,000 listed issues, NYSE Euronext's equities markets --
the New York Stock Exchange, NYSE Euronext, NYSE Amex and NYSE
Alternext as well as NYSE Arca – represent nearly 40 percent of the
world's equities trading, the most liquidity of any global exchange
group. NYSE Euronext also operates NYSE Liffe, the leading European
derivatives business and the world's second-largest derivatives
business by value of trading. The company offers comprehensive
commercial technology, connectivity and market data products and
services through NYSE Technologies. NYSE Euronext is in the S&P
500 index, and is the only exchange operator in the S&P 100
index and Fortune 500. For more information, please
visit:http://www.nyx.com
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements,
including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning NYSE Euronext’s plans, objectives,
expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based
on NYSE Euronext’s current expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Factors that could cause NYSE Euronext’s results to differ
materially from current expectations include, but are not limited
to: NYSE Euronext’s ability to implement its strategic initiatives,
economic, political and market conditions and fluctuations,
government and industry regulation, interest rate risk and U.S. and
global competition, and other factors detailed in NYSE Euronext’s
reference document for 2008 (“document de référence”) filed with
the French Autorité des Marchés Financiers (Registered on April 28,
2009 under No. R. 09-031), 2008 Annual Report on Form 10-K and
other periodic reports filed with the U.S. Securities and Exchange
Commission or the French Autorité des Marchés Financiers. In
addition, these statements are based on a number of assumptions
that are subject to change. Accordingly, actual results may be
materially higher or lower than those projected. The inclusion of
such projections herein should not be regarded as a representation
by NYSE Euronext that the projections will prove to be correct.
This press release speaks only as of this date. NYSE Euronext
disclaims any duty to update the information herein.
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