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Consortium backs European non-profit trading platform

First Published 18th December 2014

Major investment banks are pushing the idea of trading venue as utility with data and profits to benefit European market structure research.

Stephen McGoldrick, Plato Partnership

Stephen McGoldrick, Plato Partnership

"While we are still in the very early stages of planning this venture, we are excited by the opportunity to translate the consortium's vision into a detailed proposition."

An industry group representing the buy and sell sides is exploring the creation of a not-for-profit trading platform in Europe called Plato Partnership. The consortium's key aims for this project are to increase transparency, reduce trading costs, simplify market structure and to act as a champion for end investors.

The platform would seek to ensure market integrity and the protection of orders with the goal of ensuring fairness for all participants.

Project director, Stephen McGoldrick said: "We feel that the time is right to launch this proposition, which would seek to enhance the market by delivering additional liquidity and functionality to market participants."

It is anticipated that the project would be established with a trust-'like' structure, to ensure these key principles cannot be compromised over time. It is planned that any profits generated from the platform would be used to support academic research to help improve European market structure through innovation, and help inform the market structure debate.

Members of the consortium include Deutsche Asset and Wealth Management, UBS, Norges Bank Investment Management, Barclays, Citi, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley.

"While we are still in the very early stages of planning this venture, we are excited by the opportunity to translate the consortium's vision into a detailed proposition," McGoldrick added.

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