Tim Wildenberg, Neonet
"BATS Periodic Auctions Book highlights the current trend of innovative initiatives to cater for a broader range of execution needs for professional investors trading larger orders."
Stockholm and London - Neonet, the independent agency broker and execution specialist, has announced that it will provide access to BATS Periodic Auctions Book from its go-live date today.
"In our mission to bring high quality, independent and transparent execution services to our clients we are keen to support new initiatives that have potential to improve the marketplace," said Tim Wildenberg, CEO of Neonet. "BATS Periodic Auctions Book highlights the current trend of innovative initiatives to cater for a broader range of execution needs for professional investors trading larger orders. As an agency execution broker we have a dedicated focus on best execution both today and in light of upcoming MiFIDII regulation. Our recognised Smart Order Router, execution algorithm suite and TCA metrics, combined with a broad liquidity access, are the cornerstones of a successful best execution offering."
"We are pleased to see Neonet as one of the early adopters of our new Periodic Auctions Book," said David Howson, chief operating officer at BATS Chi-X Europe. "The goal is to attract larger sized orders, on a latency-agnostic basis, at or within the BATS European Best Bid and Offer (EBBO) price range. Auctions will take place in each stock throughout the day, without impacting continuous trading in other BATS order books (known as 'CXE' and 'BXE') or across the broader European market."