BATS, Chi-X and NASDAQ OMX Collaborate to Form Single Symbology for European Stock Trading

BATS Europe, Chi-X Europe Limited and NASDAQ OMX Europe have formed an open, industry working group to develop a uniform symbology framework for trading European stocks. Participation is open to all European execution venues. With a common symbology in place, European trading participants will be able to easily consolidate market data from any trading venue, either MTF or exchange, and more effectively smart route orders.

Paul O’Donnell, COO of BATS European markets division, said in a press release, “the European equities market proves time and again that it can respond to the needs of its participants, and this no exception. By working with Chi-X Europe and NASDAQ OMX Europe we have identified a market need and the potential complexities fragmentation can create and have responded accordingly with this initiative.” Hirander Misra, COO of Chi-X Europe, said in the release, “competition is driving down the cost of trading in Europe and we are constantly looking for opportunities to help our market participants as the landscape evolves. Collaboration on open initiatives such as a common symbology should help the European market become more attractive not only to investors in Europe, but also the international trading community.”

Todd Golub, head of markets development at NASDAQ OMX Europe, noted in the release, “a common symbology will ease navigation between market centres and ultimately provide a better experience to investors. This move will also reduce the back office complexities associated with MiFID. NASDAQ OMX Europe looks forward to continued collaboration with other market centres to address the needs of the new European trading environment.”