NYFIX reported that average daily matched value in Euro Millennium, its neutral European dark pool, increased over 70 percent this year, from nearly 48 million euros ($67 million) in December 2008 to nearly 82 million euros ($111 million) in May 2009.
Significant liquidity has grown in the pool across more than 1,000 European stocks covering all market capitalizations, the company reported. NYFIX said the depth of mid-cap and small-cap stocks has increased considerably and now represents 39 percent of the total executed volume in the pool.
In other news, NYFIX announced the completion of its most recent OMS partner agreement with global service provider Bloomberg. Effective immediately, Euro Millennium can now be accessed through Bloomberg’s Buy-Side Execution Management System (EMSX) and their Sell-Side Execution Order Management System (SSEOMS). Users of Bloomberg services will have worldwide instant access to Euro Millennium through their existing Bloomberg desktop trading tools.
In a statement, Geoff Patsch, Bloomberg General Head of SSEOMS commented, “Dark pools are an established and important part of the trading mix and we are delighted that our trading community can now benefit from access to one of the leading dark pools in Europe.”
According to Chris Smith, director of NYFIX International, in the release, Bloomberg clients can now benefit from immediate access to the dark pool through their existing workflow and locate valuable liquidity in this highly competitive landscape. The addition of Bloomberg now brings the total number of Euro Millennium OMS/EMS live partnerships to eleven, which means they can “access, seek and discover liquidity in Euro Millennium through their existing trading infrastructure,” stated Smith in the release.
Commenting on the growth, Smith said, “These positive trends prove once again that clients are increasingly turning to dark pool trading as a vital component of their overall trading strategy mix. Smith also noted that since Euro Millennium is seeing significant liquidity across a broad range of stocks, it demonstrates that clients are gaining confidence that resting orders in the pool provides price improvement and minimizes market impact.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio