Multilateral trading facility (MTF) Nasdaq OMX Europe has announced plans to launch a new pan-European dark pool, Neuro Dark.
Dark pools are usually designed to enable buyers and sellers to agree large-scale transactions without having to publicly disclose details such as sale price or share volumes. They are designed to prevent block orders from triggering wider market swings.
However, Nasdaq OMX Europe president Charlotte Crosswell said the Neuro Dark platform will offer a non-displayed marketplace for "all order sizes".
In a statement, Nasdaq OMX Europe added that Neuro Dark will use a reference price system based on best bid and offer prices and similar functionality to the MTF.
It will also use the same Inet technology to match orders in the dark pool and route unexecuted orders to other non-displayed MTFs.
Neuro Dark will go live on April 27th, trading around 800 of the most active European blue chips. The launch remains subject to final approval from the UK's Financial Services Authority.
Dark pools are usually designed to enable buyers and sellers to agree large-scale transactions without having to publicly disclose details such as sale price or share volumes. They are designed to prevent block orders from triggering wider market swings.
However, Nasdaq OMX Europe president Charlotte Crosswell said the Neuro Dark platform will offer a non-displayed marketplace for "all order sizes".
In a statement, Nasdaq OMX Europe added that Neuro Dark will use a reference price system based on best bid and offer prices and similar functionality to the MTF.
It will also use the same Inet technology to match orders in the dark pool and route unexecuted orders to other non-displayed MTFs.
Neuro Dark will go live on April 27th, trading around 800 of the most active European blue chips. The launch remains subject to final approval from the UK's Financial Services Authority.
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