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Equiduct: evolutionary leapfrog

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Equiduct is a pan-European trading platform majority owned by Börse Berlin, one of Germany’s independent regional stock exchanges, that is scheduled for launch in mid-2008.

"After 322 years of business as an open-outcry exchange, the Berlin stock exchange decided that its business model had to change," explains Artur Fischer, chairman of Equiduct. "With this technology, we leapfrog several evolutionary steps, jumping from a domestic regional exchange to the pan-European level."

Equiduct will offer two market models. One, called the Hybrid Book, will be a fast, high-capacity central limit order book in which orders from participants will compete directly alongside firm, executable, continuous quotes from market makers. The other, called PartnerEx, is a market within Equiduct in which liquidity providers – market makers – agree to execute orders for their clients at what Equiduct calculates is the European volume weighted best bid-offer (VWBBO) price.

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