Industry Updates

Bluefin closes ETF business in Europe

Entered the European ETF market in 2007

Tom Eckett


Liquidity provider Bluefin has closed its ETF trading business in Europe, ETF Stream can reveal.

In a note to clients seen by ETF Stream, Bluefin said the ETF business in Europe will be closed with immediate effect, 15 years after first entering the market in 2007.

“On instructions from our headquarters in the US, Bluefin Europe is withdrawing from the ETF market,” the note said.

Bluefin did not provide a comment when contacted.

The closure will come as a surprise to many with the firm recently expanding its team by five. The liquidity provider had a strong foothold in fixed income ETFs, in particular, and was looking to expand into pricing cryptocurrency ETPs as well.

Its exit from the European ETF market will add to competition concerns in a market that is dominated by two players, Jane Street and Flow Traders.

Margins in the ETF trading space have been put under pressure following the introduction of MiFID II in 2018 and the increased focus on costs.

In 2019, Dutch market maker IMC also closed its ETF trading business in Europe “to focus on core activities and growth opportunities”.

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