Following Cooperation Agreement with Plato Partnership in 2016, Turquosie rebranded its non-displayed services as Turquoise Plato™, including the award winning Turquoise Plato Block Discovery™ and Turquoise Plato Uncross™. The agreement formally brings together for the first time buy-side, sell-side and trading venue to deliver increased efficiencies in anonymous European equity block trading.
The Turquoise Plato™ Order Book (including Turquoise Plato Block Discovery™, Turquoise Plato Dark-Lit Sweep™ and Turquoise Plato Trade At Last™) is available on Turquoise (MIC: TRQM) and on Turquoise Europe (MIC: TQEM).
How does the Cooperation Agreement work?
The Cooperation Agreement works as follows:
- Plato Partnership and Turquoise will jointly promote the use of Turquoise’s award winning existing block trading services and will use these as the platform from which to deliver further functional enhancements for the benefit of all market participants.
- Turquoise will rebrand its non-displayed services, reinforcing the importance which both parties ascribe to their cooperation. The services will now be known as Turquoise Plato™.
- The parties will work closely together and inclusively with the wider buy and sell-side community to develop and validate enhancements to the Turquoise Plato® market model that set standards for marketplace excellence, including now and future best practice in electronic block trading
- Both the buy-side and sell-side members of Plato Partnership have a common objective to ensure a rational market structure for block trading under MiFID II, and collectively believe this would be best served via collaboration with existing venues.
About Plato Partnership
Plato Partnership, a not-for-profit industry group representing the buy and sell-side, has come together with a vision of improving market structure in Europe. The group’s key aims are to reduce trading costs, simplify market structure, and to act as a champion for end investors.
Central to this vision is Plato Partnership’s Market Structure Innovation Centre; a research fund which will sponsor academic research and analysis that will identify ever better ways of executing trades, as well as lowering the cost and improving the quality of the broad range of processes required to support the execution lifecycle.
Plato Partnership will work with industry partners to achieve its goals and objectives, and put its research findings into practice.
Members of Plato Partnership include Axa Investment Managers, BlackRock, Deutsche Asset Management, Fidelity International, Franklin Templeton, Norges Bank Investment Management, Union Investment, Barclays, Bank of America Merrill Lynch, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and UBS.
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