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NYSE Euronext and two leading European investment banks, BNP Paribas and HSBC, create a Multilateral Trading Facility (MTF), to be known as Project SmartPool to make the execution of large orders in European listed stocks easier. Project SmartPool will be accessible to all European sell-side firms.
As of November 1, the Markets in Financial Instruments Directive (MiFID) will eliminate the remaining concentration rules for equity trading that apply within the European Union.
Project SmartPool will enable users to interact without disclosing their identity or the size or price at which they are willing to trade. All transactions executed through SmartPool will be published post-trade in compliance with MiFID’s requirements, and cleared and settled more simply using a global solution to be offered by an external party.
NYSE Euronext and its partner investment firms will reveal more details of the SmartPool market model during its implementation. Project SmartPool will be managed and run by NYSE Euronext, which will retain a majority share of the capital in this joint venture.