"We have signed the first client who will take on our new product for access to the London Stock Exchange in combination with purchasing NeoNet's current broker services on exchanges where the client is not a member. With the addition of the NeoNet Exchange Gateway we can satisfy the growing demand from clients to gather all their trading in one system. The new product will further leverage the investment in our existing infrastructure," comments Simon Nathanson, CEO of NeoNet.
David Lester, Chief Information Officer at the London Stock Exchange, said: "We are delighted to welcome the NeoNet Exchange Gateway as an accredited Vendor Access Network offering trading connectivity to the LSE. The addition of NeoNet further expands the connection alternatives for our 314 member firms and for potential member firms around the globe."
When clients use the NeoNet Exchange Gateway and trade with their own memberships, NeoNet will act as service provider of infrastructure and technology. The product is based on NeoNet's existing trading system and infrastructure, renowned for its speed, stability and resilience.
Through the addition of the NeoNet Exchange Gateway NeoNet complements its product offering where all trading is done using NeoNet's exchange membership.
NeoNet will apply a new revenue model when clients trade with their own memberships. Clients using the NeoNet Exchange Gateway pay a set-up and recurring fee for access, whereas clients using NeoNet's broker services pay broker commissions on each trade.
Clients will be able to use NeoNet Exchange Gateway for trading with their own memberships on the following 19 exchanges: Amsterdam, Brussels, Copenhagen, Frankfurt, Helsinki, Iceland, Ireland, Lisbon, London, Milan, Oslo, Paris, Riga, Stockholm, SWX Swiss Exchange, Tallinn, Vilnius, Vienna and Virt-x.