virt-x Exchange, a part of the SWX Group, and Nyfix, a provider of electronic trading solutions, have signed an agreement to jointly deliver a non-displayed block trading service for Swiss blue chip equities.
The service will be owned and operated by virt-x and powered by Nyfix Euro Millennium, the neutral multi-lateral trading facility (MTF) to be launched early next year by NYFIX International, Nyfix’s UK-based subsidiary.
As an exchange based facility, supervised by the UK’s Financial Services Authority, the service will present market participants with a number of important benefits, helping them to execute wholesale business with reduced market impact at improved prices.
The block trading service will be open to all professional market participants globally, and will offer a continuous matching pool for wholesale orders. Bids and offers will not be displayed to the market. Executions will be anonymous and cleared via virt-x’s existing clearing and settlement infrastructure. The existing public limit order book service operated by virt-x remains unchanged.
Howard Edelstein, chief executive officer at Nyfix, said: We’re delighted to announce this exciting new partnership with virt-x. Given the rapid pace of change taking place across the European financial industry post MiFID, this strategic initiative with virt-x marks an important milestone in our continued drive to offer innovative services to support our clients’ trading needs.