Turquoise Products & Services

Turquoise is the European multilateral trading facility 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 that allows members to choose among 3 interoperable CCPs to clear these trades. Members include banks, brokers, specialist trading firms and retail intermediaries.

 

Turquoise features two electronic orders book services. Turquoise Lit™ combines simple limit and iceberg orders with Large In Scale hidden orders. Turquoise Midpoint Dark, renamed Turquoise Plato™, 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 uncrossings during the trading day, ideal for larger and less time sensitive passive orders.

 

Turquoise Plato Block Discovery™ matches undisclosed Block Indications that execute in Turquoise Plato Uncross™.

 

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™.

 

Turquoise Lit Auctions™ is an intraday series of periodic random auction uncrossings based on the quality Turquoise Plato Uncross™ mechanism that displays pre-trade the mid price of the Primary Market Best Bid and Offer.

 

For more information, please visit www.tradeturquoise.com; or follow us on Twitter @tradeturquoise or LinkedIn on Turquoise

 
Size priority of dark orders at the primary market midpoint, with participant discretion on interaction with the flow in continuous trading and/or in periodic matches for more patient participants.
 
Combines visible, iceberg and hidden Large In Scale orders. Continuous trading 8.00am to 4.30pm, with orders executed on price, display type, time priority basis.
 
Turquoise latest innovation
 
Available via co-located brokers and Turquoise Risk Controls, allowing members to provide end clients direct access to Turquoise liquidity through their membership.