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NASDAQ OMX Europe today announced its intention to launch a new pan-European Dark Pool, NEURO Dark. NEURO Dark will be a reference price system based on Best Bid and Offer prices and will offer similar functionality to that of NASDAQ OMX Europe.
NEURO Dark will have smart order routing functionality, while providing a low-cost marketplace for non-displayed liquidity. The platform will use the same proven INET technology employed by NASDAQ OMX Europe, by matching orders in the dark pool and routing unexecuted orders to other non-displayed MTFs. NEURO Dark will also offer firms the ability to enter an internalised order type.
Charlotte Crosswell, President of NASDAQ OMX Europe commented, "We recognise customer demand for a non-displayed marketplace that is not limited to block or large in scale orders. We are responding by offering a dark pool for all order sizes, one that can take advantage of existing order routing functionality."
NASDAQ OMX Europe plans to open NEURO Dark on 27th April and at launch will trade approximately 800 of the most actively traded European blue chip shares. The launch is subject to concluding discussions with the UK Financial Services Authority.
