In 2008, Optiver together with BinckBank launched a new industry initiative called TOM – The Order Machine. TOM encompasses a cost efficient, transparent multilateral trading facility (TOM MTF) and a ‘smart order router’, tracking the best execution prices on several exchanges and marketplaces (TOM Smart Execution). At the moment BinckBank, ABN Amro Clearing Bank, IMC and Optiver are shareholders in TOM.
By becoming a member of TOM MTF market participants now have a serious alternative to execute their transactions in Dutch, Belgian and French large and midcap stocks at substantially lower costs. Since November 2011 TOM also offers trading in Dutch equity options and aims to expand its reach across Europe and across asset classes..
The launch of TOM is another interpretation of the principles set out in MiFID that promote competition between exchanges and the best execution obligation for brokers, as set out by MiFID.