Turquoise Lit Auctions™

  • Turquoise Lit Auctions™ to offer frequent transparent auctions throughout the day

    Q4 2017 launch

  • Turquoise Lit Auctions™

    Regulatory approval already obtained

  • Turquoise Lit Auctions™ will be a pre-trade transparent, MiFID II compliant trading mechanism

  • Regulatory approval received

  •  Q4 2017 launch, ahead of MiFID II implementation 

  • Participants will be able to access Turquoise Lit Auctions™ using existing workflow

Turquoise has announced that it plans to launch frequent transparent auctions to complement its existing lit and non-displayed trading mechanisms.

Turquoise Lit Auctions™ will be a pre-trade transparent, MiFID II compliant, matching mechanism providing indicative price and quantity to the market. The auction mechanism already has obtained regulatory approval for Q4 2017 launch, ahead of MiFID II implementation in January 2018.

Turquoise Lit Auctions™ will be triggered when Turquoise receives orders it can potentially match from its members within the Primary Best Bid Offer ('PBBO') (which acts as a reference Price Collar), or on receipt of a GFA order which is valid for a single Auction (which ever happens soonest). Once the Auction has started, Members will have 50 milliseconds in which to submit further orders to the auction, before a further 50 millisecond randomised uncrossing period commences. Turquoise Lit Auctions™ supports orders pegged to the PBBO midpoint (with or without a limit price acting as a cap) and limit orders. Turquoise members will be able to participate in Turquoise Lit Auctions™  by using their existing technical interface to Turquoise and workflow into the new mechanism with Market Identifier Code ("MIC") of TRQA.

The introduction of Turquoise Lit Auctions™ follows the success of Turquoise Plato Uncross™, the non-displayed service that provides a series of periodic randomised auction-like uncrossings during European trading hours.