AMSTERDAM, March 31 Amsterdam-based equity
derivatives trading venue TOM is to be wound up, with all open
interest positions to be transferred to the Euronext exchange on
closure, after existing shareholders failed to find a strategic
partner for the venture.
Launched in 2009, The Order Machine aimed to improve
competition in equity and options trading between different
markets by means of a search engine that allowed traders to
compare prices instantaneously.
In October, shareholders, currently ABN Amro Clearing Bank
, BinckBank, IMC, Nasdaq
and Optiver, said they were seeking a new strategic partner to
develop the exchange.
"(A) strategic partner has not been found," TOM said in a
statement on Friday. "Consequently, TOM is working towards a
wind down of the company."
The transfer of existing open positions will start at the
end of May 2017 and take about a month, with moves being carried
out in batches before markets open. TOM will waive fees for the
transfer, it said.
(Reporting By Thomas Escritt, editing by David Evans)