AMSTERDAM, March 31 (Reuters) - 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)