BATS European Markets Division, Chi-X® Europe Limited and NASDAQ OMX Europe today announced the formation of an open, industry working group to develop a uniform symbology framework for trading European stocks. Participation is open to all European execution venues. With a common symbology in place, European trading participants will be able to easily consolidate market data from any trading venue – either MTF or exchange – and more effectively smart route orders.
Paul O’Donnell, Chief Operating Officer of BATS’ European Markets division, said, “By working with Chi-X Europe and Nasdaq OMX Europe we have identified a market need and the potential complexities that fragmentation can create and have responded accordingly. We believe that collaborating with other MTFs on this front is a significant step forward in BATS’ mission to Make Markets Better in Europe.”
Hirander Misra, Chief Operating Officer of Chi-X Europe, said, “Competition is driving down the cost of trading in Europe and we are constantly looking for opportunities to help our market participants as the landscape evolves. Collaboration on open initiatives such as a common symbology should help the European market become more attractive not only to investors in Europe, but also the international trading community.”
Todd Golub, Head of Markets Development at NASDAQ OMX Europe, said, “A common symbology will ease navigation between market centres and ultimately provide a better experience to investors. This move will also reduce the back office complexities associated with MiFID. NASDAQ OMX Europe looks forward to continued collaboration with other market centres to address the needs of the new European trading environment.”
