NYSE Euronext is currently creating BondMatch, the first pan-European Multilateral Trading Facility (MTF) for corporate bonds, making it the first market operator to respond to the specifications issued by the Cassiopeia Committee on 26 April 2010.
This new platform will be open to all regulated institutions authorized to operate in Europe and seeking to trade, among professionals, fixed and floating-rate bonds denominated in euros and issued by non-sovereign issuers. Using technology based on the Universal Trading Platform, it will allow financial intermediaries to reap the full benefits of the platform’s scalability, capacity, ultralow latency and resiliency.
The corporate bond trading platform will only accept firm orders with no minimum amount and will process orders chronologically based on the time they are recorded in the order book. It will be designed to ensure complete transparency, with an order book giving participants firm orders and prices.