The Nasdaq OMX Group, Inc. today announced the launch of a new pan-European market for the most actively traded European stocks.

The firm says that the Nasdaq OMX Pan European Market, which is its first initiative as a combined company, will enable best execution in high volume securities trading in a cross-border, multi-market environment. The market is scheduled to open in September, and at launch will trade approximately 300 of the most actively traded European blue chip shares. The launch is subject to approval by the UK Financial Services Authority.

The new market will offer trading in the constituents of all leading European indices, including equities listed in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Sweden, Switzerland and the UK. It will handle displayed and non-displayed orders in one composite order book. Clearing will be handled through a pan-European clearing facility and settlement will be done locally.

“European capital markets are facing a competitive transformation similar to changes experienced in U.S. markets in recent years. We are positioning ourselves to serve our customers in the wake of a regulatory change that will break down monopolistic barriers that have survived in Europe but that will not hold in a post-MiFID environment,” noted Bob Greifeld, chief executive officer of Nasdaq OMX.