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SmartPool launches dark trading liquidity discovery tool

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SmartPool, the European dark liquidity pool created by NYSE Euronext in partnership with HSBC, J.P. Morgan and BNP Paribas, is launching a service designed to help traders and other market users access, interpret and navigate the post trade data published by European dark trading venues.

Delivered in partnership with NYSE Technologies, SmartPool’s MatchView service will be powered by and fully integrated within the NYSE Technologies’ liquidity discovery service, ioinet, a fast provider of indications of interest and trade adverts to over 350 buy-side and 150 sell-side institutions.

SmartPool MatchView will go live in Q2 2010 with data initially provided by SmartPool.  

Post-trade content from other European MTF dark venues will be added over the summer, subject to commercial contract. Other sources of dark OTC data will also be added.

MatchView provides real-time access to all post trade executions published by dark pool venues. It will enable traders and other market users to compare actual traded dark volumes across pools as soon as the trade is published.

It also offers liquidity discovery through the provision of analysis tools for all post trade executions published by dark pool venues. The Watch List feature will proactively notify users on the post trade activity in specified securities, without the need to refresh or search manually.

Lee Hodgkinson, SmartPool chief executive, says: “Increased competition is delivering enormous benefits to the European equity market, including lower cost and greater innovation, but these benefits have come at the expense of coherent post trade information. The opacity of post trade data is particularly problematic in the dark space, where the desire from traders as well as other market users and regulatory agencies, for increased post trade transparency is overwhelming – most recently highlighted by the report produced by Pierre Fleuriot for the French government. SmartPool MatchView offers an innovative real-time solution to meet this industry need.”

Paul Scott, global head liquidity discovery, NYSE of Technologies, says: “The partnership between SmartPool and NYSE Technologies to create MatchView has combined our market-leading ioinet technology with the SmartPool dark data to provide clients with a unique way to monitor dark trading activity. By leveraging the powerful data analysis facilities of ioinet to filter, aggregate and visualise SmartPool dark data, clients are able to track dark trading activity like never before."

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