Nasdaq OMX Europe intends to launch a new pan-European Dark Pool, called Neuro Dark, which will address all order sizes, and not just block or large orders.
Neuro Dark will offer smart-order routing functionality while providing a low-cost marketplace for non-displayed liquidity, according to the company's release today.
Based on the same INET technology employed by Nasdaq OMX Europe, Neuro Dark will match orders in the dark pool and route unexecuted orders to other non-displayed multilateral trading trading systems or MTFs. In addition, Neuro Dark will offer firms the ability to enter an internalized order type.
"We recognize customer demand for a non-displayed marketplace that is not limited to block or large in scale orders. We are responding by offering a dark pool for all order sizes, one that can take advantage of existing order routing functionality," stated Charlotte Crosswell, president of Nasdaq OMX Europe in the release.
The new dark pool will be a reference price system based on best bid and offer prices and will offer similar functionality to that of Nasdaq OMX Europe, according to the release.
Nasdaq OMX Europe plans to open Neuro Dark on April 27th. Subject to regulatory approval from the UK Financial Services Authority, it will launch trading in approximately 800 of the most actively traded European blue chip shares.