Integrated Orderbook

The Integrated Order Book combines simple limit and iceberg orders with Large In Scale hidden orders, and is fully compliant with pre-trade and post-trade transparency obligations.

Choose your CCP

Turquoise offers a fully interoperable clearing model, allowing members to choose market by market which clearing house to use for their business. CCP clearing can be disabled for self-matched trades.

Benefit from Innovative Pricing

Our maker-taker pricing model provides members the opportunity to benefit from rebates for passive flow, with competitive fees for liquidity taking. Regional promotions encourage increased participation and offer new trading opportunities for market participants.


All pre and post trade data, including all displayed persistent orders and all trades are published to members and Market Data Vendors via real time data feeds.

Trade on a Transparent Order Book

Continuous trading starts from 08:00 London time to 16:30 London time.

Orders are executed on a price, display type, time priority basis. Persistent order types (in order of display type priority):

  • Limit Orders (displayed)
  • Iceberg Orders (partly displayed)
  • LIS Hidden Orders (non-displayed)

Non-persistent order types, all of which are non-displayed

  • IOC/FAK Orders
  • FOK Orders and Market Orders
  • Minimum Acceptable Quantity (MAQ) is supported on non-persistent order types