Turquoise Plato Block Discovery™

  • Turquoise Plato Block Discovery™

Turquoise Plato Block Discovery™ further enhances the Turquoise Plato™ by facilitating the trading of larger block Orders by matching 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.

Robust reputational scoring and surveillance will monitor the conversion of Block Indications into firm Orders to optimise the use of the service.

Turquoise Plato Uncross ™, a key innovation to complement the Turquoise Plato™, is a series of randomised uncross events, which take place between 5-10 seconds. Please click here to find out more about Turquoise Plato Uncross™.

Size priority in the matching logic and user defined Minimum Execution Size in the Turquoise Plato™ also encourages larger sized orders and further improves execution quality.

There is now more than 4 years* of empirical data showcasing a MiFID II compliant mechanism for executing larger anonymous block orders.

Historical Highlights:

  • €112.5bn matched since 2014 launch to end June 2018 of which €108.4bn or 96% traded since the signing of the Cooperation Agreement with Plato Partnership in September 2016.
  • €1.3mn: Average Trade Size for MiFID II - ESMA Band 8 and 9 Blue Chips above 100% LIS in Q2 2018 (+3.4% vs Q1 2018).
  • €509,539: Average trade size in June 2018 (+87% vs June 2017, +96% vs June 2016).
  • €869,671: Average trade size for trade above LIS since DVCs were introduced (+11% prior to DVCs).

Turquoise Plato Block Discovery™ breaking new records:

  • €17.33mn: Maximum Trade Size - executed on 28 June 2018. 
  • €511.5mn: Record Daily Value Traded above LIS on 2 May 2018 (+6% vs previous record on 24 April).
  • €575.4mn: Record daily value traded 11 January 2018 more than the equivalent to the value traded during the first 8 months of service.
  • 5-9 sept 2018 €2.5bn record weekly value traded more than the equivalent to the value traded during the first 20 months of service.
  • Jan 2018  €9.25bn record monthly value traded more than the equivalent to the value traded during the first 2 years of service.

What our customers and partners say about us

Mike Bellaro, Plato Co-Chair and Global Head of Equity Trading, Deutsche Asset Management

The constructive cooperation that is evident in Turquoise Plato™ manifests in the exponential growth of a service that meets the needs of the industry. As we approach MiFID II, the success of the Turquoise Plato Block Discovery™ can be an example to the market about how we can work together to innovate, and Turquoise Plato™ has laid the foundations to drive forward future industry initiatives for the benefit of market participants.

Justin Brickwood, Managing Director, Goldman Sachs International

As market structure evolves and MiFID II approaches, the success of Turquoise Plato Block Discovery™ can be an example to the market about how we can work together to innovate.

Paul Collins, Franklin Templeton

The third year of Turquoise Plato Block Discovery™ is another milestone on the journey towards greater cooperation among different stakeholders, improving market structure and allowing end investors to allocate capital more efficiently.

Nej D’jelal, Plato Co-Chair and Managing Director, Head of Electronic Equities Product, EMEA, Barclays

The third anniversary of the creation of the Turquoise Plato Block Discovery™ marks a substantial and exciting milestone for the industry, and we have seen huge strides towards improving European equity markets in the interests of end investors. Turquoise Plato™ is a collective effort from the investment community, and we hope to see continued success in developing and enhancing the future of equity markets.

Eric Heleine, Groupama Asset Management

The main challenge for Asset Managers, like Groupama AM, is to reduce the impact of our orders on the markets. Innovations like Turquoise Plato Block Discovery are significant in meeting our needs and maximising the quality of execution. Turquoise Plato is a response to the industry's need for liquidity research and price discovery" 

Robert Paxton, Veritas Asset Management
Our experience and analysis of Turquoise Plato Block Discovery has, and continues to be, resoundingly positive. We continue to see Block Discovery as a trusted venue of choice when sourcing real liquidity in a safe and protected manner.

Paul Squires, Global Head of Trading and Securities Financing at AXA Investment Managers/ Plato Partnership Member

Ensuring we get ahead of the curve to provide the market with solutions that will drive genuine utility is absolutely central to Plato Partnership’s values, and the third anniversary of Turquoise Plato Block Discovery has demonstrated this success. With a track record of customer engagement and innovation through listening and executing the very implementations requested by us the customers, we look forward to continuing the journey towards greater cooperation among different stakeholders to improve market structures.

For more information, email sales@tradeturquoise.com

 
List of Member firms offering access to Turquoise Plato Block Discovery™