By Nandini Sukumar
June 29 (Bloomberg) -- Turquoise, the European trading system created by banks as an alternative to stock exchanges, said investors can access so-called dark pools of six banks and brokers including Citigroup Inc., Merrill Lynch & Co. and Deutsche Bank AG, using its new service.
Citadel Investment Group LLC, Nomura Holdings Inc. and CA Cheuvreux, the European equity brokerage of Credit Agricole SA, will also open their dark pools to investors using Turquoise’s new service, the company said in an e- mailed statement. More banks will follow, London-based Turquoise said.
Turquoise got regulatory approval in May from the U.K. Financial Services Authority to provide a single access point to dark pools. The TQ Channel service will start in July, give access to the dark pools of major trading firms and cover more than 1,700 securities in 15 European markets.
Dark pools, where orders are matched anonymously and which compete with stock exchanges including NYSE Euronext, London Stock Exchange Group Plc and Deutsche Boerse AG, are attractive to institutional investors who seek to disguise their trading strategies. In Europe, they are proliferating along with alternative trading systems such as Turquoise as new rules spur competition. Traditional bourses have also started setting up their own dark pools.
On June 23 the European Commission said it plans to examine “dark pool” share trading after an announcement by the U.S. Securities and Exchange Commission that it may require more disclosure.
To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net.
Posts
No comments:
Post a Comment