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Euronext and AX Trading announce European block trading MTF

First Published 15th February 2017

Europe's first 'proactive' liquidity seeking venue scheduled for launch in mid-2017.

Lee Hodgkinson, Euronext

Lee Hodgkinson, Euronext

Euronext has announced a strategic partnership with AX Trading, a US-based FinTech company, to create a new block trading service for equities. The platform will be based on AX Trading's technology and owned and operated by Euronext.

The service will cover large in scale orders in European equities from small caps to blue chips. Market participants across Europe will be able to execute blocks in an environment that intends to bridge the gap between human, high-touch trading and electronic, low-touch execution. The platform is scheduled for launch in mid-2017 pending regulatory approval.

"We recognise that flexibility and choice are vital in achieving best execution. The new block trading service will therefore complement our core lit market with a sophisticated yet simple way to execute large orders on a truly pan-European platform, minimizing information leakage and market impact." said Lee Hodgkinson, Head of Markets & Global Sales at Euronext.

George O'Krepkie, Chairman & CEO AX Trading added: "The partnership is in response to the demand of portfolio managers and traders worldwide for a tool where they genuinely control their trading strategy. This partnership means that the ability to execute blocks on demand, even within continuous markets, will be met, that buy side portfolio performance will be enhanced, and the sell side will have the opportunity for increased profitability."