Published On: Mon, Dec 14th, 2009

Nomura Launches NX MTF, The First Investment Bank Established MTF Dark Pool

Nomura, the global investment bank, has announced the launch of NX MTF, the first principal broker dealer established Multilateral Trading Facility dark pool. NX will operate as a dark pool MTF trading pan European equities, and will be regulated by the UK Financial Services Authority. The platform is expected to go live in January 2010.

The creation of NX MTF pioneers a new approach, providing greater access opportunities to clients, increased transparency around post trade reporting and explicit operational rules and procedures. NX will be the first dark MTF seeded with existing liquidity from Nomura’s Equities franchise as opposed to funding from external sources.

Emad Morrar, Head of Liquid Markets, EMEA, said “Nomura continues to demonstrate leadership in the liquidity management space and has raised the bar with its technical innovation. The launch of NX MTF furthers our ambition of providing clients with the greatest transparency and liquidity in the market.”

NX is designed as a secure platform that will draw blocks of inactive liquidity into the market, increasing the overall set of liquidity available to the investor community. Nomura expects NX to be one of the top five dark MTFs in Europe at launch.

Andrew Bowley, Head of Electronic Trading Product Management, EMEA, said “NX is truly innovative as a safe place to trade. It has unique anti gaming logic in the matching engine and will be the first dark pool MTF operating with “well formed market” checks. NX also anticipates being the first MTF with AIM Secondary Market Registered Organisation (ASMRO) status, allowing the execution and inclusion in NX reporting of UK AIM stocks.” Mr Bowley added “The launch of NX MTF is the culmination of substantial development and extensive dialogue with the FSA. We have been able to define an optimal operating model for our clients that we expect the rest of the market to follow.”

Adam Toms, Head of the Market Access Group, added “Nomura has already climbed the ranks of the London Stock Exchange (LSE), reaching and retaining the number 1 spot for five consecutive months. We believe that the launch of NX MTF will further underline the strength of Nomura’s Equities franchise and will provide our clients with greater comfort in the area of dark pool trading.”

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