EUROPE – Nasdaq Europe, the pan-European exchange formed by the buy-out in March of Brussels based Easdaq by the US exchange, will begin live trading on Friday (June 8), following the approval of its rule book by the Belgian Finance Ministry.
The exchange will allow US-listed companies to be traded by investors during European trading hours.
Nasdaq Europe says that while trading will begin by default in the native currency of the listed company, the currency may be changed in response to market demand.
The group says the launch is a ‘milestone’ in its bid to be come the pre-eminent pan-European stock exchange.
Its European Trading System (ETS) will offer similar functionality to that of the Nasdaq, including market maker quotes, matched trade reporting and an electronic broker-to-broker negotiation facility, while being adapted to the needs of the European market.
Jim Weber, Nasdaq Europe chief operating officer, notes: “This trading system has been specifically built to meet the needs, expectations and aspirations of every market participant. I am fully confident that this will drive forward our strategy of expanding order flow in US stocks, building on European cross-border trading and creating the European IPO market of choice.”