Galaxy MTF Receives Approval from Swiss Regulator

The MTF for European bonds will operate as a foreign exchange in Switzerland.

Galaxy, a Paris-based multilateral trading facility (MTF) for pan European bonds, is planting a flag in Switzerland. Galaxy received approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate as a foreign exchange, which will local investors to access the MTF.

“We are proud to be able to offer the Galaxy MTF to Swiss investors and happy to be making strides towards our goal of delivering best execution to fixed income investors throughout Europe,” stated Jean-Philippe Malé, CEO of Galaxy MTF, in the release. “Galaxy will continue to expand its reach in the coming weeks and months, ensuring that it remains the premier destination for the efficient, liquid, and transparent exchange of European bonds.”

Galaxy is one of three bond trading systems (the others are BondVision and Tradeweb) that have been created in response to a French initiative in 2010 called the Cassiopeia Committee, designed to promote liquidity in corporate bonds, according to media reports.

Operational since July 11, 2011, Galaxy has received approval from the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel (ACP), the agency regulating consumer protection and financial stability in France.

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