Nyse Euronext and the London Stock Exchange are battling to become the first bourses to begin offering customers trading in US equities during European hours.
Nyse Euronext says its Nyse Arca Europe platform will admit US equities to its trading platform when it launches the components of the S&P 100 Index in the second quarter. EuroCCP, will offer clearing services for these securities with settlement taking place via its account at The Depository Trust Company (DTC).
The bourse claims the service makes it the "first truly transatlantic trading platform" and provides the first-ever chance to trade US securities on a European platform during European hours.
Virginie Saade, head, Nyse Arca Europe, says: "As part of Nyse Euronext, we have been able to leverage the Group's knowledge and experience of the US market, as well as our relationship with EuroCCP, to help unlock the US stocks for our European clients for the first time, at low cost. This is an opportunity for us to create the first transatlantic trading platform and is an important step towards becoming a truly global MTF."
On the same day, the LSE's Turquoise is claiming to be the first MTF to offer trading during European trading hours of 175 US-listed equities, ETFs and ADRs. Trading will be in US dollars and, as with the Nyse Arca Europe offering, clearing will be through EuroCCP and settlement in DTC.
The service will be free for three months, with a maker-taker basis points tariff introduced thereafter.
David Lester, CEO, Turquoise, says: "Trading US securities on Turquoise during European market hours will create new trading opportunities for market makers, spread betting firms, proprietary trading firms and arbitrageurs, and will build a pool of liquidity that institutional brokers can leverage for the benefit of their customers."
Separately, Nyse Euronext has named Walter Lukken CEO of New York Portfolio Clearing (NYPC), the exchange's 50/50 joint venture with the Depository Trust & Clearing Corporation (DTCC).
Lukken takes up the role from 1 May with the clearing house for US fixed income set to be operational from the third quarter subject to regulatory review.
Lukken joined Nyse Euronext last year as SVP in the office of the general counsel. Before joining he spent 18 months as acting chairman of the Commodity Futures Trading Commission (CFTC).