Deutsche Börse is set to launch a pan-European market, based on its Xetra electronic trading platform, as it looks to take on the raft of new competitors to have emerged in the wake of MiFID.
Xetra International Market, slated to launch in the fourth quarter, will offer trading in European stocks and corresponding equity and index derivatives in 19 countries.
Around 260 existing Xetra participants will be offered trading in European blue chip trading with Eurex Clearing providing post-trade services.
Participants will be able to trade all Dow Jones Euro Stoxx 50 stocks. Belgian, Finnish, French, Italian, Dutch and Spanish stocks will initially be offered, with additional markets then gradually connected via Clearstream.
Frank Gerstenschläger, member, executive board, Deutsche Börse, says: "Xetra International Market will enable us to significantly strengthen Deutsche Börse's position in trading highly liquid European equities. We intend to offer our cash and derivatives market clients European blue chips and the corresponding equity and index derivatives in a uniform infrastructure. This means we will be giving our market participants new trading and arbitrage opportunities."
Deutsche Börse is the latest exchange to fight back against the wave of new European MTFs such as Chi-X and Turquoise that have emerged in the wake of MiFID.
Last month Nyse Euronext launched its MTF Nyse Arca Europe, which joins the Nasdaq OMX Europe platform that went live in September. Meanwhile, the London Stock Exchange is preparing to launch its Baikal dark pool later this year.