Smart move for TOM and BATS. 18 June 2014Amsterdam Reporter: Catherine Van de Stouwe
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The Order Machine (TOM) Smart Execution is teaming up with BATS Chi-X Europe in a deal that will offer clients better execution of their equity orders.
The partnership with BATS Chi-X Europe allows TOM, a search engine that compares prices between markets, to compare more prices across different pan-European exchanges.
Another trading venue will be added to TOM where the smart order router (SOR) shows clients the best prices of retail orders at the time.
CEO of TOM, Willem Meijer, said: “From the start of our SOR business, the focus has always been on retail investors getting the best possible conditions for their order executions.”
“Connecting our SOR to BATS Chi-X Europe promotes competition between exchanges and will therefore have positive effects for retail investors.”
Mark Hemsley, CEO of BATS Chi-X Europe, said: “We are very happy to welcome TOM as the latest member to our equity trading venue.”
“This connection confirms our position as Europe’s leading equities exchange and we are pleased that TOM Smart Execution has chosen our platform to strengthen their best execution service.”
The CEO of BinckBank, shareholders of TOM, Koen Beentjes added: “BinckBank congratulates TOM Smart Execution with their connection to BATS Chi-X Europe.”
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