Baikal is scheduled to go live in July 2009, first with the launch of smart order routing, followed by its dark book at the end of the summer. Stocks traded on the platform will include a full range of liquid pan-European stocks, determined by the Committee of European Securities Regulators' "liquid list."
To support smart order routing, Baikal will require connectivity to a wide range of exchanges and MTFs to source data as the basis for making routing decisions. "From day one, we are looking at
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