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Euronext has started interim proceedings against TOM (The Order Machine). The claim of Euronext in Court concerns the introduction of TOM options based on the AEX index that were launched in January 2013. The hearing is scheduled on 3 June 2013.
TOM strives for competition between derivatives exchanges and expects its Dutch options market share to grow from 20% at this moment to 30% - 40% end of 2013. Since 2007 the monopoly of the various incumbent exchanges has ended in Europe which has resulted in more competition between venues. TOM is the first exchange competing in derivatives and thereby offering its clients MiFID benefits like lower transaction costs and better prices in options too.
