The Nasdaq OMX Group, Inc. (Nasdaq:NDAQ) announced Wednesday that it has decided to close its pan-European multilateral trading facility operated by Nasdaq OMX Europe.

The last day of trading on the MTF is expected to be May 21. Nasdaq OMX Nordic will assume responsibility for pan-European equity trading, and the firm said it will continue to have a presence in London and remains committed to London as a financial centre. In London, Nasdaq OMX will continue to support its trading and market data operations, run the UK power exchange N2EX, and support its international listings business.

The decision to shutter the MTF was made following an assessment of its financial prospects, the firm said. Eric Noll, executive vice president of Nasdaq OMX, said, “Despite our best efforts, the increasingly competitive nature of the MTF space in Europe has meant that the growth of the business hasn’t reached levels necessary for us to realize our stated objectives.”

IE