Turquoise Europe

  • Turquoise Europe

Ahead of the UK’s withdrawal from the European Union (EU), Turquoise continues to make all necessary preparations to ensure adequate contingency arrangements are in place. Turquoise has obtained regulatory approval from the Autoriteit Financiële Markten (AFM) in The Netherlands to operate as an MTF (Turquoise Europe).

Following the political agreement reached on 28 October to extend the period provided for in Article 50 of the Treaty on the European Union (TEU), the timeline for the exit of the UK from the EU was extended to 31 January 2020 (or potentially earlier if the UK Withdrawal Agreement Bill has been ratified by certain dates prior). As previously stated, Turquoise will not invoke its Brexit contingency plans unless there is a ‘Hard Brexit’, i.e. if the UK was to leave the EU without a transition agreement and/or without relevant equivalence decisions in place to allow cross-border services between the EU and UK to continue. Accordingly, Turquoise will not execute on its Brexit contingency plans at this time.

We continue to monitor developments and will further update the market on our planning in due course.

Turquoise Europe Rule Book

Turquoise has now published the Draft Rule Book for Turquoise Europe which closely mirrors the existing Turquoise Rule Book. 

Access to Turquoise Europe

Turquoise has published the membership documentation for Turquoise Europe and invites current Turquoise members and eligible firms to apply for membership for Turquoise Europe.  Acceptance of Turquoise Europe membership applications will be subject to applicants meeting the eligibility criteria for membership. Turquoise welcomes applications for Turquoise Europe membership from UK investment firms, however, acceptance of these applications will be subject to the ability of Turquoise Europe under relevant legislation to do so and/ or the provisions of any Brexit deal.

 

In order to access Turquoise Europe, firms should complete the following steps:

    1. Submit Turquoise Europe Membership Application

The membership documentation for Turquoise Europe mirrors the existing Turquoise membership documentation and consists of the following:

  1. Turquoise Europe Membership Application Form (this includes an order form for the Turquoise Europe Member Agreement and Turquoise Europe Member Portal Agreement) 

  2. Turquoise Europe Member Agreement Terms & Conditions

  3. Turquoise Europe Member Portal Agreement Terms & Conditions

  4. Turquoise Europe Sponsored Access Application Form
  5. Turquoise Europe Sponsored Access Agreement

Third Country members are requested to complete the Member Firm Declaration Form, available here

Completed membership documents should be signed, scanned and returned via email to membership@lseg.com or returned via hardcopy to Turquoise Membership, London Stock Exchange Group, 10 Paternoster Square, London EC4M 7LS United Kingdom.

    1. Complete on-boarding information and request Technical Enablements.

Following submission of the Turquoise Europe Membership Application Form, customer Super Users will be provided with login details for the Turquoise Europe Member Portal. Super Users can set-up and permission additional users to complete the on-boarding information for their firm in the Member Portal. Applicants will require new logical connections for trading on Turquoise Europe; new CompIDs should be requested in the Turquoise Europe Member Portal.

 

    1. Request Clearing Set-up

Turquoise Europe plans to offer the same interoperable clearing arrangements available on Turquoise today (subject to regulatory approval). Customers will need to arrange for the clearing of their trades on Turquoise Europe by contacting their CCP of choice either directly (if they are a clearing member) or through their GCM (if they are a non-clearing member) to agree their on-boarding requirements. Turquoise will liaise with the CCPs to manage customer static data and trading access.

 

    1. Technical Testing & Customer Dress Rehearsal

Customers will need to complete a mandatory conformance test in Turquoise Customer Development Service (CDS) and return the certification test report. In addition, customers can arrange for optional testing with the CCP from Turquoise CDS.

 

    1. Go Live Preparation

In preparation for any potential go-live, customers will need to upload their short long code mappings in the Member Portal and, if required, complete an algorithmic market making agreement.

 

Further Information

If you have any questions, please speak with your account manager or contact the Business Development Team on +44 (0) 20 7382 7650 or via email to sales@tradeturquoise.com. For on-boarding enquiries, please contact the Membership Team on +44 (0) 20 7797 1900 or via email to membership@lseg.com.