Turquoise Lit Auctions™

  • Turquoise Lit Auctions™

Turquoise Lit Auctions™ is a pre-trade transparent, MiFID II compliant, matching mechanism providing indicative price and quantity to the market.

Turquoise Lit Auctions™ is 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 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 can 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.

For more information, contact sales@tradeturquoise.com