Dark Midpoint Order book

Not all Venues are designed with you in mind – so we built one you would design yourself.

Choose the flow you interact with

The Turquoise Midpoint Dark Order Book is the only independent public MTF dark book which allows participants full discretion on whether to match against all available flow in continuous trading, or to opt out of interaction with immediacy seeking latency sensitive flow by selecting to only trade during Turquoise UncrossTM. This feature makes the Turquoise Midpoint Dark Order Book a trusted venue for larger, sensitive orders.Turquoise UncrossTM for individual securities take place anywhere between 5 and 45 seconds throughout the trading day, with the frequency is determined by the liquidity of the stock. A number of brokers offer a discreet "periodic uncross only" order type, providing their clients with direct access to this pool of "patient" liquidity within the Turquoise Midpoint Dark Order Book.

Benefit from size priority in the matching logic

All orders are prioritised by size first, which leads to improved fill rates for larger block orders and reduces the impact of interacting with smaller orders, therefore enhancing the attractiveness of TQ Dark for institutional flow. Average trade sizes are significantly higher in Turquoise UncrossTM than during continuous trading and can be as high as €100,000.

Trade larger and reduce your costs

Participants can define their own Minimum Execution Size (MES), and each individual trade must match or exceed the MES, so you’re guaranteed not to get trades in smaller size. This eliminates post trade inefficiencies of being multi-filled and helps reduce the end to end cost of trading. Combined with Turquoise UncrossTM and size priority in the matching logic, this provides further control over the type of liquidity with which participants interact. Participants can define whether the MES remains in force for the lifetime of the order or just for the first fill.

Contact Tel: +44 (0) 20 7382 7650 Email: sales@tradeturquoise.com