Turquoise Plato Lit Auctions™
Turquoise Plato Lit Auctions™ is a pre-trade transparent, MiFID II compliant, price forming matching mechanism providing indicative price and quantity to the market.
Turquoise Plato Lit Auctions™ is triggered when Turquoise receives orders it can potentially match from its members. 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 Plato 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 Plato Lit Auctions™ by using their existing technical interface to Turquoise with Market Identifier Code ("MIC") of TRQA on Turquoise, and TQEA on Turquoise Europe.
The introduction of Turquoise Plato 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.
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