TOM (The Order Machine) today announced that NASDAQ OMX has acquired an equity stake of 25% in TOM. Additionally, there is an option for NASDAQ OMX to expand its stake in TOM to 50.1% in the future. The cooperation is expected to lead to technological innovations in equity and options trading and to further expansion of TOM in Europe.
Consequently, NASDAQ OMX will provide TOM with a standalone infrastructure in London to offer TOM’s clients optimal low latency connectivity and an infrastructure with a higher capacity to process more orders and transactions.
After TOM’s successful rollout in the Dutch derivatives market, TOM aims for growth in Europe. In theDutch options market TOM is targeting with existing customers a market share of 30% to 40% in 2013.
Willem Meijer, CEO of TOM: “Due to the solid and global NASDAQ OMX network, European expansion of TOM is within reach. Moreover, with their advanced technology and expertise, NASDAQ OMX will contribute positively to the future successes of TOM. As open platform we invite all banks and brokers to benefit from the advantages as a result of this competition.”
Hans-Ole Jochumsen, Executive Vice President Global Data Products and Transaction Services Nordics, NASDAQ OMX: “With our investment in TOM we strengthen our position in Europe offering clients advantages in their equity and options trading through technology. The Smart Order Router of TOM is an excellent example of technical innovation in favour of the client.”
The transaction is subject to the approval of relevant supervisory authorities.
