Turquoise Trading Services
Turquoise Trading Services
Turquoise operates two Multilateral Trading Facilities (MTF); Turquoise Global Holdings Limited (“TGHL” or “Turquoise”) regulated by the Financial Conduct Authority (“FCA”), and Turquoise Global Holdings Europe B.V. (“TGHE” or “Turquoise Europe”) regulated by the Autoriteit Financiële Markten (“AFM”) and De Nederlandsche Bank (“DNB”). Turquoise is majority owned by London Stock Exchange Group in partnership with the user community. With a single connection, members can trade shares, depository receipts, ETFs, and European Rights Issues of 19 European countries with an Open Access model (supporting interoperability and preferred clearing models) that allows members to choose among 4 CCPs to clear these trades. Members include banks, brokers, specialist trading firms and retail intermediaries.
Turquoise offers a number of discrete order books available on both Turquoise and Turquoise Europe:
Turquoise Lit™ 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.
Turquoise Plato Lit Auctions™ Order Book, introduced in December 2017. This is an innovation of price forming auctions, operating frequently and with pre-trade transparency throughout the trading day, supporting simple limit and PBBO midpoint pegged orders.
The Turquoise Plato™ Order Book, prioritizes orders by size and allows users to configure Minimum Execution Size; it features two distinct mechanisms, each executing at the midpoint of the Primary Market Best Bid and Offer: continuous matching and Turquoise Plato Uncross™, an innovation that provides randomised midpoint uncrossing during the trading day, ideal for larger and less time sensitive passive orders.
Turquoise Plato Block Discovery™ facilitates the trading of larger block Orders by matching undisclosed Block Indications. On identifying potential matches, the service will require participants to send firm qualifying block orders to Turquoise Plato Uncross™, maximising available liquidity for customers of both services.
Turquoise Plato Dark Lit Sweep™ is an order that interacts firstly with the Turquoise Plato™ order book at the primary midpoint price and then continues to interact with any balance resting in Turquoise Lit™ order book.
Turquoise Plato Trade At Last™ uses the same Turquoise Plato™ and Turquoise Plato Block Discovery™ functionality that currently provides award winning mid-point dark block liquidity during continuous trading, and simply references the close price instead.
As part of the London Stock Exchange Group, Turquoise subscribes to the LSEG’s Group Corporate Responsibility policies. For additional information, please click here. This includes the full Modern Slavery Act Statement by LSEG that can be found here.