SmartPool Receives FSA Approval to Begin Trading on February 2, 2009
SmartPool, the new Multi-lateral Trading Facility (MTF) set up by NYSE Euronext, BNP Paribas, HSBC and J.P. Morgan, has received Financial Services Authority (FSA) approval to launch its dark pool for block trading in European stocks.
SmartPool will begin trading services on February 2, 2009 with stocks from 15 European markets, including Spain, during its first month of trading. SmartPool has recently expanded its London management team with the appointment of Johanna Danby, chief operating officer, previously with Deutsche Bank, and Charles Armytage, senior sales manager, formerly employed at Reuters.
“We look forward to launching our European block trading facility and are committed to drive forward innovative market structure changes in Europe,” said Roland Bellegarde, Group executive vice president and head of European execution at NYSE Euronext, in a press release.
Yvette Roozenbeek, Acting CEO of SmartPool, added in the release, “With the current trend for trading in smaller sizes on light books, SmartPool offers institutional order flow an alternative neutral MTF for trading block orders. We plan a controlled and phased roll-out of markets and expect volumes to develop over time, particularly in current market conditions.”
Euronext members can use a fast track membership process to start on SmartPool by extending their existing membership and use their existing trading access to start trading on the platform without any additional charges.