PAVE Platform today announces the temporary postponement of its planned project for an ultra-fast marketplace focusing on Spanish, Portuguese and Latin American listed equities and ETFs. The endeavor aimed to bring competition, efficiency and liquidity to the Spanish equities markets, one of the few major markets in Europe where deregulation and increased competition have yet to arrive.
This Spanish MTF project, initially conceived in August 2010 by financial executive, Mr. Javier Tordable, has pursued aggressive strategies to gain market share in the Iberian trading community for equities. However, the very challenging market and harsh financial environment in Europe, especially in Spain, have highlighted the need for greater patience, resources and a broader, more decisive support from both international and domestic partners. With the Spanish banks and brokers hit particularly hard under the current economic conditions, this needed support is currently both difficult and unrealistic to achieve.
“After one and a half years of hard work, and achieving many important milestones that will clearly help the Spanish equities markets in the future, we have finally decided to temporarily postpone the PAVE MTF project and pursue other business interest. We still fully believe in the potential of the Iberian and LatAm markets, the initial inspiration for PAVE's conception, nonetheless we had to make the difficult but realistic decision to halt now operations and put the project on hold” Javier Tordable, CEO and Founding Partner of PAVE PLATFORM, S.A.said.