NASDAQ OMX Europe would provide order routing functionality to non-displayed markets from its ‘lit’ (displayed) book, including routing to NEURO Dark. NASDAQ OMX said that the new functionality enables order routing directly from NEURO Dark to other non-displayed markets, and allows participants to execute across multiple pools of non-displayed liquidity.
In addition, NEURO Dark would now use the European Best Bid and Offer (EBBO) as the reference price, the price used to determine what price a security should execute. Using the EBBO would provide greater opportunity for price improvement within NEURO Dark, by including the quotes from alternative venues, such as MTFs and exchanges.
Charlotte Crosswell, President of NASDAQ OMX Europe, said: “Order routing is a key differentiator for NASDAQ OMX Europe and we are committed to providing our customers with the most effective routing strategies. Extending our routing offering to dark pools will mean that customers can now gain access to both lit and dark venues through one single connection, greatly improving their ability to seek out new liquidity.
NASDAQ OMX Europe connects European liquidity pools with Pan-European routing. It currently trades approximately 900 securities including constituents of the main European indices, ETFs and other highly liquid securities. NEURO and NEURO Dark are trading names of NASDAQ OMX Europe, which is authorised and regulated by the Financial Services Authority.
The NASDAQ OMX Group delivers trading, exchange technology and public company services across six continents. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs.
