NEWS UPDATE
EQUITIES
TMX Group launches US alternative trading system for equities
Named AlphaX US, the venue will trade USlisted securities only( Reg NMS) and follow the US equity market holiday calendar.
TMX Group has launched a new US-based alternative trading system( ATS) venue, designed to create a trading environment with enhanced execution quality.
Named AlphaX US, the ATS is TMX Group’ s first venue expansion outside of Canada for its markets division. The ATS will trade US-listed securities only( Reg NMS), with TMX Group adding that participants will be FINRA-registered broker dealers.
“ After continuous consultation with our clients, we are proud to introduce AlphaX US, a venue that is focused on execution performance, and provides innovation and ease to the broker dealer community,” said Heidi Fischer, president, TSX Alpha US.
AlphaX US provides trading in all Regulation NMS common stock, exchange-traded funds and American depository receipts.
The venue follows the US equity market holiday calendar and matches trades during regular US market hours.
TMX Group added that AlphaX US allows order entry starting 60 minutes prior to the open and continuing throughout the trading day.
“ One of our top priorities is solving for the business needs of our clients,” said Luc Fortin, global head of trading at TMX Group.
TECHNOLOGY
Bloomberg Tradebook integrates with Eurex Enlight
New development will be available for all equity options and futures traded on Eurex, alongside all foreign exchange( FX) derivatives.
Bloomberg Tradebook is collaborating with Eurex to enable the direct access of Eurex member bank and market makers, within the existing CCP environment, via the Bloomberg Tradebook front-end. Existing clearing broker relationships can be used by firms, removing the need for tri-party give-up agreements with Eurex market makers. The new development will be available for all equity options and futures traded on Eurex, alongside all foreign exchange( FX) derivatives.
The European off-book business will be further electronified by the move, allowing firms to directly control and manage their own flow. This flow can be responded to directly by Eurex market makers without any additional costs, offering tighter spreads and increased participation.
“ Direct access to Enlight through Bloomberg Tradebook represents a major step forward in providing market participants with greater efficiency, cost savings, and control in off-book trading,” said André Eue, head of market development and pricing at Eurex.
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