Euro Millennium, the pan-European dark pool for equities trading, has been asked by the UK’s financial regulator to make modifications to its functionality, according to a statement by parent company NYFIX, the US-based trading solutions vendor.
In its annual results statement, issued after trading closed in New York last night, NYFIX said that the Financial Services Authority (FSA) has “proposed an interpretation of a particular provision of MiFID that would require modifications to Euro Millennium's current functionality”.
NYFIX said that the modifications would result in additional development costs and would need to be completed “within a timeframe acceptable to the FSA”. The firm is engaged in discussions with the regulator over the new interpretation of MiFID’s rules to minimise the impact on its European dark pool. The new FSA ruling is part of a review of MiFID’s impact on Europe’s financial markets by European regulators.
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