Nyfix, a provider of solutions designed to optimise trading efficiency, has reported that 251 million shares valued at more than EUR1bn were matched in its Euro Millennium dark pool cro
Nyfix, a provider of solutions designed to optimise trading efficiency, has reported that 251 million shares valued at more than EUR1bn were matched in its Euro Millennium dark pool crossing network during December, an increase of more than 500 per cent from November.
With a December average of over two billion shares of liquidity available on a daily basis, new records were set on 17 December when 50.7 million shares and over EUR150m of value were matched.
New single-day records continue to be set in January 2009, with a new record of over EUR200m in value matched on 13 January.
‘We are delighted with the recent increase in trading activity in the pool,’ says Nyfix International director Chris Smith. ‘Now that clients have begun resting a greater percentage of their orders in the pool, hit rates have gone up and clients are experiencing Euro Millennium’s potential for sourcing liquidity with maximum price improvement and minimal market impact.
‘The range of securities in the pool also continues to grow with a wide range of large-, mid-, and small-cap stocks being actively traded. With Millennium as a leading dark pool in the US, and Euro Millennium emerging as a front-runner of dark liquidity discovery in Europe, Nyfix is well positioned to offer our clients deep and broad sources of liquidity on a global basis.’
Tim Wildenberg, a managing director and head of European direct execution at UBS, adds: ‘On Euro Millennium, UBS has taken advantage of the recent increase in liquidity for our clients. As an early participant in Euro Millennium, UBS has both experience and comfort with the platform. Our algorithms – particularly UBS Tap, our liquidity-seeking strategy – are designed to access Euro Millennium in combination with all other sources of liquidity.’
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.
