On September 8, Nyse Euronext announced the launch of its pan-European Multilateral Trading Facility (MTF), nicknamed Octopus. It is expected to be the most powerful trading platform in Europe, designed for extremely agile orders and targeted at very frequent operators. Its debut is expected in November.

Nyse Euronext’s MTF will start its activities by trading stocks of approximately 500 European blue chips. “The Octopus will enjoy a great competitive advantage, namely our excellent infrastructure”, said Cees Vermaas, Euronext executive director of sales.

The initiative is a Nyse Euronext response to the proliferation of alternative trading systems in Europe. The Turquoise, formed by a consortium of banks of BNP Paribas, Credit Suisse, Goldman Sachs, UBS, and Merrill Lynch caliber, started its operations in August.

Nasdaq OMX Europe received approval from the Financial Services Authority (FSA), a British regulatory body, to operate its MTF in the United Kingdom and should also begin to work in November. The London Exchange is searching for partners to carry on its project for an MTF. An agreement with Lehman Brothers was practically final prior to the Chapter 11 filed by the traditional American bank.