QUOTE MTF Began Trading with 10 French Stocks

The latest European MTF is promoting a "no-frills business model" with its headquarters in Hungary.

QUOTE MTF Ltd. launched its trading operations on Friday, Sept. 4 as a multilateral trading facility headquartered and regulated in Hungary.The new low-latency one-stop shop for liquid Pan European blue chips and the most liquid ETFs started trading with 10 French stocks.

Under the rollout plan, QUOTE MTF expects to gradually introduce the remaining 825 shares over the next six weeks. According to the release, two committed high frequency market makers are providing liquidity, offering the narrowest possible spreads in Europe.

With its London-based matching engine collocated at the Interxion data center and back-office operations in Hungary, QUOTE MTF is deploying a “no-frills business model” to stand out in the competitive European MTF market. It offers a low liquidity fee (0.14 basis points) in Europe and free trading when adding liquidity without any other hidden costs added, (i.e., no changes for real-time, access/port or membership, no monthly minimum fee, etc.).

“We are happy that we had a smooth start with our platform on Friday. It is our firm belief that the no-frills business model geared to reduce complexity and to push costs further down by using and applying all available standards brings value to the European trading community,” stated Tamas Madlena, CEO of QUOTE MTF in the release.

QUOTE MTF’s proprietary matching engines offers “high throughput at ultra-low latency” for subscribers and can be accessed via direct market access (DMA) and sponsored access as well. Trading is anonymous with strict price/time priority matching algorithm in the open order book. Industry standards FIX 4.2 and ITCH 3.0 are used for order and data communication respectively.

EMCF, the Dutch central counterparty clearing house, acts as central counterparty for all trades executed on QUOTE MTF, and it will soon be joined by SIS x-clear, the Swiss CCP which is going to provide netting, collateral management and settlement for all stocks traded on the platform.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio