âMillennium has seen substantial growth this year, and with Reg NMS on the horizon in 2007, we believe the institutional appetite for non-displayed or âdarkâ liquidity will continue to increase,â said Brian R. Carr, Chief Executive Officer of NYFIX Millennium LLC. âAfter seeing record daily, weekly and monthly volume in August, we are pleased that this momentum has continued into September.â
For the third quarter of 2006 (to date), the average daily matched volume in NYFIX Millennium was 27.2 million shares, an increase of 147% over the average of 11.0 million shares during the third quarter of 2005 and an increase of 28% over the 21.3 million shares during the second quarter 2006.
âLiquidity begets liquidity,â said Carr, âand as both the Buy side and Sell side continue matching orders in Millennium, we anticipate that success rates will increase and volumes will rise.â
The average number of symbols matched daily in the third quarter of 2006 (to date) was 913, an increase of 105% over the 446 average symbols matched in the third quarter of 2005 and 14% over the 799 average symbols matched during the second quarter 2006. Included in the volume figures reported above are conditional orders that are executed against pass-through orders and other conditional orders, and third market trades crossed by clients and reported by NYFIX Millennium to Nasdaq.
NYFIX Millennium is an automated execution venue designed to maximize execution quality and reduce overall transaction costs. Millennium offers users the opportunity to achieve price or liquidity improvements while mitigating negative impact for institutional-size trades. Linked to the primary markets and exchanges, Millennium leverages the power of the NYFIX Network while its real-time matching algorithm routinely executes trades at or better than the National Best Bid or Offer (NBBO).