News Releases

 
NYSE Euronext and TradingScreen join forces to give institutional investors access to the European Central Order Book (ECOB)
New concept aggregates orderbook data for bond markets meeting Cassiopeia criteria

Amsterdam, Brussels, Lisbon, London, New York, Paris – 4 July 2012 – NYSE Euronext (NYX) and TradingScreen today announced a partnership to give institutional investors easier access to corporate bond markets that meet the criteria defined by the Cassiopeia Committee in April 2010. NYSE BondMatch is one such market.

Under the terms of this partnership, NYSE Euronext will finance, for a period of three months, costs relating to software licences allowing institutional investors to view the European Central Order Book (ECOB), which displays liquidity on NYSE BondMatch and will include TradingScreen’s soon-to-be-launched multi-lateral trading facility, called Galaxy. 

As soon as institutional investors are ready to trade on the ECOB, their screens will be reconfigured from “view” to “trading” mode by TradingScreen, and licensing costs will shift to the market-member intermediaries that these investors have selected to execute their orders.

This partnership will allow institutional investors to view the NYSE BondMatch and Galaxy orderbooks even before they decide how they will connect to the market. During the first few months, NYSE Euronext and Galaxy will bear initial licensing costs to facilitate decision-making and connection.

The ECOB virtually consolidates orderbooks of bond markets meeting the Cassiopeia criteria. It was developed with the backing of the NYSE BondMatch Strategy Committee led by Christophe Roupie, head of Trading and Securities Financing at Axa Investment Managers.

“We are delighted with our partnership with TradingScreen, which will facilitate institutional investors’ access to the secondary bond market and improve market transparency,” said Roland Bellegarde,

Executive Vice President for European Listing Business and Cash Trading at NYSE Euronext. TradingScreen supplies institutional investors with display and trading screens that are easy to interface with systems operated by market members. This makes for totally integrated accessa solution that gives institutional investors a view of the NYSE BondMatch orderbook, and encourages them to become active, intermediated market participants very quickly.”

Philippe Buhannic, President and Chief Executive Officer of TradingScreen, added “We are delighted to support the efforts of NYSE Euronext to make markets more efficient and to bring a solution to the liquidity issues faced by the corporate bond market today. TradingScreen’s mission is, after all, to simplify global markets.

Christophe Roupie, Chairman of the NYSE BondMatch Strategy Committee, said “Regulatory changes have created very clear rules for transparency and price discovery on OTC markets, to better protect the interests of investors at the end of the chain. NYSE Euronext and TradingScreen are in step with this approach, designed to help improve liquidity on bond markets as banks face higher minimum capital requirements.”

Note:
The Cassiopeia Committee was a French initiative aimed at identifying effective levers to bolster corporate bond markets emerging from the financial crisis. Supported by Christine Lagarde, then France's Minister for the Economy, Finance and Industry, and Paris EUROPLACE, the organization promoting the Paris financial marketplace, the Cassiopeia Committee brought together representatives of French-based issuers, as well as investors, banks and brokers.

Information:

NYSE Euronext
Caroline Tourrier  – +33 (0)1 49 27 10 82 ctourrier@nyx.com

TradingScreen Inc.
David Zweifler – (212) 359-4018 david.zweifler@tradingscreen.com

About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets - the New York Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca - represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index. For more information, please visit: http://www.nyx.com.

About TradingScreen Inc.
TradingScreen is the leading independent provider of liquidity, trading and investment technology via SaaS to the financial community. TradingScreen’s goal is to simplify the complexity of markets, by consolidating all investment workflows for exchange-traded and OTC instruments on a single platform. TradingScreen brings the major, global sell-side participants, leading regional brokers and the largest Buy side firms to a common environment, delivering market access, order- and liquidity-management and Investment services. The benefit to clients is an exceptional reach across counterparties, asset classes, and geography, and a full integration of services front to back. TradingScreen was named best buy-side trading system in the most recent Financial News Awards for Excellence in Trading and Technology. TradingScreen provides global coverage from offices in Chicago, Geneva, Hong Kong, London, New York, Paris, São Paulo, Singapore, Sydney and Tokyo. For more information on TradingScreen, go to http://www.tradingscreen.com.