The United State's oldest electronic stock market, Nasdaq, has released the details of its new European Trading System (ETS) that it says will offer similar functionality to the Nasdaq US while being fully adapted to the regional needs of the European market. Scheduled to go live tomorrow, ETS will enable Nasdaq to: expand and consolidate order flow in US equities; develop Nasdaq Europe as a robust IPO market; expand and capture a significant proportion of European cross border trading; and allow US-listed companies to trade during European trading hours.
In a statement released earlier this week, Nasdaq Europe Chief Operating Officer, Jim Weber noted: 'This trading system has been specifically built to meet the needs, expectations, and aspirations of all market participants. I am fully confident that this will drive forward our strategy of expanding European order flow in US stocks, building on European cross-border trading and creating the European IPO market of choice.'
He added: 'Our aim is to make Nasdaq Europe into the third leg of a global Nasdaq market spanning Europe, Japan, and the US.'
With features including executable Market Maker quotes, matched trade reporting, and an electronic broker-to-broker negotiation facility, Nasdaq claims that the ETS system lays the foundations for a hybrid market model, combining the best features of quote driven and order-driven markets. In addition US traded companies will now have the option to be traded in US dollars or another currency based on the demands of the market.
Nasdaq has also announced the introduction of the new Nasdaq Europe Rule Book, which goes into effect on 8 June, 2001 in conjunction with the launch of European Trading System. The Rule Book has been compiled in conjunction with market participants, the Belgian Minister of Finance, the Belgian Banking and Finance Commission, and Nasdaq Europe, to ensure the highest levels of regulation and transparency. While the revised rules will reflect the specific characteristics of the European marketplace, they will also be more in line with US and international practice.
Full details of the fees for listing on Nasdaq Europe are available on www.nasdaqeurope.com.
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