Galen Stops looks at the strategies behind the recent moves by NASDAQ OMX and NYSE Liffe.
The European equity derivatives market got interesting this
month with news that Nasdaq OMX was to acquire a stake in Dutch
platform The Order Machine and Liffe launching new contracts on
the Turkish IMKB 30 Index. The stage is set for an interesting
2013 in the sector.
Nasdaq OMX bought its stake in TOM with a five year option
to acquire another 25.1% stake that would give them the
majority of the Dutch equities and equity options trading
venue. TOM is not yet a major player in the market but it is
gaining traction among Dutch prop traders (it counts Optiver
among its shareholders). In October it traded its 1 millionth
There are some interesting aspects to the deal. Firstly, it
is important to place it in the context of
Nasdaq’s broader strategy in Europe, where the
group is set to expand its derivatives presence with the launch
of NLX, the interest rates platform that is scheduled to go
live in Q1 next year, and hopes to build out a pan-European
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