NYSE Euronext-TradingScreen Alliance Provides Access to Euro Central Order Book

NYSE Euronext and TradingScreen have announced a partnership that will provide institutional investors easier access to corporate bond markets that meet the criteria defined by the Cassiopeia Committee in April 2010, a French initiative aimed at identifying ways to bolster corporate bond markets emerging from the financial crisis.

Under the terms of this partnership, NYSE Euronext will finance, for a period of three months, costs relating to software licenses, allowing institutional investors to view the European Central Order Book (ECOB), which displays liquidity on NYSE BondMatch and Galaxy, TradingScreen's soon-to-be-launched multilateral trading facility.

As soon as institutional investors are ready to trade on the ECOB, their screens will be reconfigured from "view" to "trading" mode by TradingScreen, and licensing costs will shift to the market-member intermediaries that these investors have selected to execute their orders.

This partnership will allow institutional investors to view the NYSE BondMatch and Galaxy order books before they decide how they will connect to the market. During the first few months, NYSE Euronext and Galaxy will bear initial licensing costs to facilitate decision-making and connection.

This partnership will allow institutional investors to view the NYSE BondMatch and Galaxy order books even before they decide how they will connect to the market.