Baikal Receives FSA Approval, Readies for Roll out

Baikal has received approval from the Financial Services Authority (FSA) and will begin a phased roll out.

The pan-European MTF and dark pool by the London Stock Exchange will start with the introduction of smart order routing to 17 execution venues trading in 6500 stocks in 14 European countries. Order book and additional functionality will be launched later this year.

In a statement, Xavier Rolet, chief executive of London Stock Exchange, said, “In line with our ambitious launch timetable, we have delivered the first part of Baikal's solution for aggregating liquidity and solving the challenges of market fragmentation. We look forward to building on this important milestone with the launch of the non-display order book and further liquidity aggregation services later in the year.”