Turquoise

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.