Dutch market regulators have approved a broker license for The Order Machine - a 50/50 joint venture between BinckBank and Optiver set up to provide best execution and dark pool trading facilities for European equities.
Amsterdam-based TOM will initially guarantee best execution for private investors trading equities through its own platform or the Nyse Euronext Amsterdam market. Over time it says it will extend the service to reach other European multi-lateral trading facilities and other asset classes. Ultimately, the ambition is to extend beyond the private investor and set up a fully-functioning MTF to which banks and other liquidity providers could have access.
The company has contracted with trading technology vendor Quod Financial to deploy its Adaptive Smart Order Router system for liquidity sourcing, and with Nasdaq OMX for the provision of trading and clearing operations.
Henk Wim van Arem, director of TOM, comments: "TOM has an accelerated agenda so from the outset we needed dynamic technology that will drive our vision, enabling us to provide best execution services to retail banks."