Nasdaq OMX Group has decided to close its pan-European multilateral trading facility (MTF) operated by Nasdaq OMX Europe (NEURO). The decision was made following an assessment of the financial prospects of the NEURO business.
Nasdaq OMX has said that it would continue to have a presence in London and remains committed to London as a financial centre. 40% of Nasdaq OMX Nordic trading comes from London based clients.
The last day of trading on NEURO is expected to be May 21, 2010. Charlotte Crosswell will continue working with business development initiatives for Nasdaq OMX in London and across Europe. She will also oversee transition of NEURO customer relationships to Nasdaq OMX Nordics.
Hans-Ole Jochumsen, president of Nasdaq OMX Nordic, will assume responsibility for pan-European equity trading.
Eric Noll, executive vice president of Nasdaq OMX, said: “Despite our best efforts, the increasingly competitive nature of the MTF space in Europe has meant that the growth of the business hasn’t reached levels necessary for us to realize our stated objectives.”