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Turquoise (trading platform)

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Turquoise
TypeMultilateral trading facility
LocationLondon, United Kingdom
Founded2008
OwnerLondon Stock Exchange Group
Websitehttp://www.tradeturquoise.com/

Turquoise is an equities trading platform (multilateral trading facility or MTF), created by nine major investment banks in 2008. The aim was to provide dealing services at a 50% discount to traditional exchanges.[1] It is a hybrid system that allows trading both on and off traditional exchanges.[2] The system was advertised as a "pan-European platform based in London".[1]

History

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It was set up by a consortium of banks made up of BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale and UBS. The group selected EuroCCP to provide clearing and settlement services.[3][4] The group selected Sweden's Cinnober as its trading platform. Turquoise developed a real-time market surveillance system "to capture breaches of trading rules and root out market irregularities". The system is based on the Software AG Apama complex event processing platform.[5] Turquoise was successfully launched in August 2008.[6] Turquoise uses QuantHouse as low latency market data feed for its platform.[7]

In December 2009, the London Stock Exchange Group agreed to take a 60% stake in trading platform Turquoise, which had a 7% share of the market. Turquoise was merged with the LSE's trading facility Baikal Global.[8]

On October 4, 2010, Turquoise migrated to MillenniumIT platform.[9] The next day internal technical problems discovered overnight forced the exchange to postpone the system's opening until 9:15am.[10] The system was out of service for two hours in November 2010. The London Stock Exchange said "preliminary investigations indicate that this human error may have occurred in suspicious circumstances".[11]

Turquoise has expanded to include the trading of Option and Future Derivatives with its new Electronic Sola Tradingderivatives platform launched in June 2011, started with the addition of FTSE Index 100 Futures contracts and has expanded to have FTSE 100 Options contracts in September 2011.[12][13][14] This fast-growing, high-speed exchange has been recognized as the award winner of the "Best New Derivatives Trading Platform/Service" by the Financial News Awards for Excellence in Trading and Technology, Europe 2011.[15] Since September 2013, Turquoise Derivatives business was acquired by London Stock Exchange plc.[16]

In October 2014, Turquoise launched block discovery service to enable participants trading large orders by matching block indications.[17][18] The service won 'Most innovative trading service' at Trading&Technology awards 2015.[19]

In May 2016, Turquoise announced plans to extend dark pool to Czech, Poland, Hungary.[20]

In April 2021, Turquoise announced it volumes surged in the first three months following Brexit.[21]

In September 2021, Turquoise announced it crossed the €1 trillion milestone in equities trading since its partnership with Plato.[22] It also expanded access to US share trading during UK market hours via a new business unit and announced it had become the first trading venue to connect to OpenFin so that its data feed could be delivered to FlexTrade.[23][24]

In August 2022, Turquoise partnered with financial services firm M-DAQ to provide market participants with the ability to trade cross-currency securities and settle in their currency of choice.[25]

In September 2022, Turquoise announced the reintroduction of trading tariffs in an effort to boost its lit markets business. They were removed in 2018 because market participants said they harmed best execution.[26]

See also

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Notes

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  1. ^ a b Bland, Ben (29 May 2007). "Analysts divided over trading 'threat' to LSE". The Daily Telegraph.
  2. ^ Cohen, Norma (24 May 2007). "'Dark pools' emerge in Project Turquoise". FT.com. Retrieved 29 May 2007.
  3. ^ "Project Turquoise banks select EuroCCP for clearing and settlement". Finextra.com. 18 April 2007. Retrieved 29 May 2007.
  4. ^ "Project Turquoise appoints EuroCCP and Citigroup as its clearing and settlement agents". TheTradeNews.com.
  5. ^ "Turquoise Exchange Goes Live with Progress Apama". Business Wire. 17 September 2008. Retrieved 14 May 2009.
  6. ^ Angelica, Mari (15 August 2009). "Turquoise trading platform goes live". Computing. Incisive Media Ltd. Retrieved 22 December 2009.
  7. ^ "Turquoise chooses QuantHouse low latency market data feed for its integrated trading platform". www.quanthouse.com. Archived from the original on 4 June 2016. Retrieved 15 May 2016.
  8. ^ "LSE reveals takeover of Turquoise". BBC News. 21 December 2009. Retrieved 22 December 2009.
  9. ^ Grant, Jeremy (11 October 2010). "LSE claims quickest trading speed". Financial Times. ISSN 0307-1766. Retrieved 9 May 2016.
  10. ^ "Turquoise screens go black after IT glitch". The Independent. 5 October 2010. Retrieved 9 May 2016.
  11. ^ "LSE says human error caused Turquoise outage". Finextra Research. 11 January 2011. Retrieved 9 May 2016.
  12. ^ Sola Homepage"source 2 Archived 19 September 2012 at archive.today
  13. ^ Tradeturquoise.com, 11 April 2011 "source 10 Archived 30 March 2012 at the Wayback Machine"
  14. ^ Tradeturquoise.com, 26 September 2011 "source 11 Archived 18 February 2012 at the Wayback Machine"
  15. ^ Financial News Events, Tuesday 4 October 2011 "source 12 Archived 31 July 2012 at archive.today".
  16. ^ "Turquoise Derivatives Market Notice" (PDF). 16 September 2013. Archived from the original (PDF) on 4 March 2016. Retrieved 20 April 2015.
  17. ^ "Brokers back new Turquoise Block Discovery service". FTSE Global Markets. Retrieved 15 May 2016.
  18. ^ Administrator. "Turquoise launches Block Discovery and goes live with seven major brokers". www.exactprosystems.com. Retrieved 15 May 2016.
  19. ^ "Winners 2015 - Financial News Awards for Excellence, Trading and Tech - FN Trading & Technology Awards 2015". tt.efnevents.com. Archived from the original on 27 May 2016. Retrieved 15 May 2016.
  20. ^ "Turquoise plans to extend dark pool to Czech, Poland, Hungary". Reuters. 13 May 2016. Retrieved 15 May 2016.
  21. ^ "Lit volumes on LSEG's Turquoise Europe venue surge post-Brexit - The TRADE". www.thetradenews.com. Retrieved 6 September 2022.
  22. ^ "LSEG hits €1 trillion milestone amid five-year Turquoise Plato anniversary - The TRADE". www.thetradenews.com. Retrieved 6 September 2022.
  23. ^ "Turquoise expands investor access to US share trading with new business segment - The TRADE". www.thetradenews.com. Retrieved 6 September 2022.
  24. ^ "Turquoise partners with OpenFin on buy-side data as FlexTrade Systems becomes first EMS to integrate feed - The TRADE". www.thetradenews.com. Retrieved 6 September 2022.
  25. ^ "LSEG's Turquoise partners with M-DAQ to offer cross-currency equity trade settlements - The TRADE". www.thetradenews.com. Retrieved 6 September 2022.
  26. ^ "LSEG's Turquoise bolsters lit markets with re-introduction of trading tariffs - The TRADE". www.thetradenews.com. Retrieved 6 September 2022.
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