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Tradition and Nomura launch Navesis-ETF, the first MTF that facilitates NAV-based trading of exchange traded funds


Tradition and Nomura have launched Navesis-ETF a new fully electronic trading platform designed to enhance the way exchange traded funds (ETFs) are traded.

In the rapidly evolving ETF environment, Navesis-ETF has been designed to increase transparency and efficiency, boost market liquidity, reduce costs and be fully regulatory-compliant. The platform will allow market participants, including institutional traders, sell-side banks and market makers, to engage in intra-day and auction trading; referencing net asset value (NAV) prices in the ETF primary market, with cross asset class coverage, for the first time.

Navesis-ETF creates a common market place that will transform the current creation and redemption process, allowing market participants to fulfil NAV-based ETF orders in real-time, transparently, and at competitive prices.

The platform is the first of its kind and benefits from Tradition’s existing innovative proprietary technology, enhanced with Nomura’s expertise as a leading participant in the ETF primary market and status as the first investment bank to establish an MTF dark pool. Navesis-ETF is an open-architecture platform available to all qualifying market participants, and is live now.

Rupert Hodges, Managing Director – TFS Derivatives Ltd, London, at Tradition, says: “Navesis-ETF represents an important step-change in the future of ETF trading. It has been developed in conjunction with Nomura to specifically tackle market inefficiencies and we believe it will help to grow liquidity, increase transparency, and be seen as a positive industry initiative ahead of regulatory reform on both sides of the Atlantic. This initiative is completely in line with the Tradition’s global strategy of developing platforms and solutions with our core client base, designed to enhance liquidity, transparency and efficiency. Navesis-ETF demonstrates great technical innovation in a climate of regulatory change.”

Lee Burrows, Head of Delta One, EMEA at Nomura, says: “The ETF industry has enjoyed a rapid ascent over the past 10 years, but structural inefficiencies have meant that the market has not reached its true potential. As leaders in liquidity management, and as a large player in the ETF market, we know from first-hand experience that Navesis-ETF fulfils the desires of participants and regulators. This is the first of its kind to market and will be a leading provider in the space. We expect this to become the primary market place for ETF trading.”


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