Turquoise (trading platform)

{{Use dmy dates|date=July 2018}} {{Infobox exchange |name = Turquoise |alt_name = |logo = |image = |type = Multilateral trading facility |city = London |country = United Kingdom |coor = |foundation = 2008 |owner = London Stock Exchange Group |key_people = |currency = |commodity = |listings = |mcap = |volume = |indexes = |homepage = http://www.tradeturquoise.com/ |footnotes = }}

'''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.<ref name="telegraph">{{cite news | last=Bland | first=Ben | title=Analysts divided over trading 'threat' to LSE | work=The Daily Telegraph | date=29 May 2007}}</ref> It is a hybrid system that allows trading both on and off traditional exchanges.<ref>{{cite web|url=https://www.ft.com/content/cd7ca676-0a38-11dc-93ae-000b5df10621|title='Dark pools' emerge in Project Turquoise|accessdate=2007-05-29|author=Cohen, Norma|work=FT.com|date=24 May 2007}}</ref> The system was advertised as a "pan-European platform based in London".<ref name="telegraph" />

==History== 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.<ref>{{cite web|url=http://www.finextra.com/fullstory.asp?id=16810| title=Project Turquoise banks select EuroCCP for clearing and settlement| accessdate=2007-05-29| publisher=Finextra.com| date=18 April 2007}}</ref><ref>{{cite web| url=http://www.thetradenews.com/trading/exchanges/812 | publisher=TheTradeNews.com | title=Project Turquoise appoints EuroCCP and Citigroup as its clearing and settlement agents}}</ref> 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.<ref name="apama">{{cite web | url=http://findarticles.com/p/articles/mi_m0EIN/is_2008_Sept_17/ai_n28099140/ | title=Turquoise Exchange Goes Live with Progress Apama | publisher=Business Wire | date=17 September 2008 | accessdate=2009-05-14}}</ref> Turquoise was successfully launched in August 2008.<ref>{{cite news|url=http://www.computing.co.uk/computing/news/2224105/turquoise-trading-platform-goes|title=Turquoise trading platform goes live |last=Angelica |first=Mari|date=15 August 2009|work=Computing|publisher=Incisive Media Ltd|accessdate=22 December 2009}}</ref> Turquoise uses QuantHouse as low latency market data feed for its platform.<ref>{{Cite web|url=http://www.quanthouse.com/node/72|title=Turquoise chooses QuantHouse low latency market data feed for its integrated trading platform|website=www.quanthouse.com|access-date=2016-05-15|url-status=dead|archive-url=https://web.archive.org/web/20160604112112/http://www.quanthouse.com/node/72|archive-date=4 June 2016|df=dmy-all}}</ref>

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.<ref>{{cite news|url=http://newsvote.bbc.co.uk/1/hi/business/8423955.stm|title=LSE reveals takeover of Turquoise|date=21 December 2009|work=BBC News|accessdate=22 December 2009}}</ref>

On October 4, 2010, Turquoise migrated to MillenniumIT platform.<ref>{{Cite news|url=http://www.ft.com/intl/cms/s/0/b6d13924-d554-11df-8e86-00144feabdc0.html#axzz487EUV0sb|title=LSE claims quickest trading speed|last=Grant|first=Jeremy|date=11 October 2010|newspaper=Financial Times|issn=0307-1766|access-date=2016-05-09}}</ref> The next day internal technical problems discovered overnight forced the exchange to postpone the system's opening until 9:15am.<ref>{{Cite web|url=https://www.independent.co.uk/news/business/news/turquoise-screens-go-black-after-it-glitch-2098739.html|title=Turquoise screens go black after IT glitch|date=5 October 2010|website=The Independent|language=en-GB|access-date=2016-05-09}}</ref> 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".<ref>{{Cite web|url=https://www.finextra.com/newsarticle/22145/lse-says-human-error-caused-turquoise-outage|title=LSE says human error caused Turquoise outage|date=11 January 2011|website=Finextra Research|access-date=2016-05-09}}</ref>

Turquoise has expanded to include the trading of Option and Future Derivatives with its new Electronic Sola Trading derivatives 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.<ref>Sola Homepage"[http://www.sola-x.ca/index.htm source 2] {{webarchive|url=https://archive.today/20120919115215/http://www.sola-x.ca/index.htm|date=19 September 2012}}</ref><ref>Tradeturquoise.com, 11 April 2011 "[http://www.tradeturquoise.com/press/TQ_FTSE_ProductLaunch.pdf source 10] {{Webarchive|url=https://web.archive.org/web/20120330164657/http://www.tradeturquoise.com/press/TQ_FTSE_ProductLaunch.pdf|date=30 March 2012}}"</ref><ref>Tradeturquoise.com, 26 September 2011 "[http://www.tradeturquoise.com/press/Turquoise%20Derivatives%20Launches%20FTSE%20Index%20Options.pdf source 11] {{Webarchive|url=https://web.archive.org/web/20120218154109/http://www.tradeturquoise.com/press/Turquoise%20Derivatives%20Launches%20FTSE%20Index%20Options.pdf |date=18 February 2012 }}"</ref> 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.<ref>Financial News Events, Tuesday 4 October 2011 "[http://www.efinancialnewsevents.com/award/tradingandtechnology2011/winners.html source 12] {{Webarchive|url=https://archive.today/20120731141444/http://www.efinancialnewsevents.com/award/tradingandtechnology2011/winners.html |date=31 July 2012 }}".</ref> Since September 2013, Turquoise Derivatives business was acquired by London Stock Exchange plc.<ref>{{cite web|title=Turquoise Derivatives Market Notice|date=16 September 2013|url=https://www.fca.org.uk/static/documents/market-notice-turquoise-derivatives.pdf|access-date=20 April 2015|archive-url=https://web.archive.org/web/20160304122712/https://www.fca.org.uk/static/documents/market-notice-turquoise-derivatives.pdf|archive-date=4 March 2016|url-status=dead|df=dmy-all}}</ref>

In October 2014, Turquoise launched block discovery service to enable participants trading large orders by matching block indications.<ref>{{Cite web|url=http://www.ftseglobalmarkets.com/news/brokers-back-new-turquoise-block-discovery-service.html|title=Brokers back new Turquoise Block Discovery service|website=FTSE Global Markets|access-date=2016-05-15}}</ref><ref>{{Cite web|url=http://www.exactprosystems.com/news/112-turquoise-launches-block-discovery-and-goes-live-with-seven-major-brokers|title=Turquoise launches Block Discovery and goes live with seven major brokers|last=Administrator|website=www.exactprosystems.com|access-date=2016-05-15}}</ref> The service won 'Most innovative trading service' at Trading&Technology awards 2015.<ref>{{Cite web|url=http://tt.efnevents.com/winners-2015/|title=Winners 2015 - Financial News Awards for Excellence, Trading and Tech - FN Trading & Technology Awards 2015|website=tt.efnevents.com|access-date=2016-05-15|url-status=dead|archive-url=https://web.archive.org/web/20160527125444/http://tt.efnevents.com/winners-2015/|archive-date=27 May 2016|df=dmy-all}}</ref>

In May 2016, Turquoise announced plans to extend dark pool to the Czech Republic, Poland, Hungary.<ref>{{Cite news|url=https://www.reuters.com/article/europe-markets-darkpools-idUSL3N18950E|title=Turquoise plans to extend dark pool to Czech, Poland, Hungary|date=13 May 2016|newspaper=Reuters|access-date=2016-05-15}}</ref>

In April 2021, Turquoise announced it volumes surged in the first three months following Brexit.<ref>{{Cite web |title=Lit volumes on LSEG's Turquoise Europe venue surge post-Brexit - The TRADE |url=https://www.thetradenews.com/lit-volumes-on-lsegs-turquoise-europe-venue-surge-post-brexit/ |access-date=2022-09-06 |website=www.thetradenews.com}}</ref>

In September 2021, Turquoise announced it crossed the €1 trillion milestone in equities trading since its partnership with Plato.<ref>{{Cite web |title=LSEG hits €1 trillion milestone amid five-year Turquoise Plato anniversary - The TRADE |url=https://www.thetradenews.com/lseg-hits-e1-trillion-milestone-amid-five-year-turquoise-plato-anniversary/ |access-date=2022-09-06 |website=www.thetradenews.com}}</ref> 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.<ref>{{Cite web |title=Turquoise expands investor access to US share trading with new business segment - The TRADE |url=https://www.thetradenews.com/turquoise-expands-investor-access-to-us-share-trading-with-new-business-segment/ |access-date=2022-09-06 |website=www.thetradenews.com}}</ref><ref>{{Cite web |title=Turquoise partners with OpenFin on buy-side data as FlexTrade Systems becomes first EMS to integrate feed - The TRADE |url=https://www.thetradenews.com/turquoise-partners-with-openfin-on-buy-side-data-as-flextrade-systems-becomes-first-ems-to-integrate-feed/ |access-date=2022-09-06 |website=www.thetradenews.com}}</ref>

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.<ref>{{Cite web |title=LSEG's Turquoise partners with M-DAQ to offer cross-currency equity trade settlements - The TRADE |url=https://www.thetradenews.com/lsegs-turquoise-partners-with-m-daq-to-offer-cross-currency-equity-trade-settlements/ |access-date=2022-09-06 |website=www.thetradenews.com}}</ref>

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.<ref>{{Cite web |title=LSEG's Turquoise bolsters lit markets with re-introduction of trading tariffs - The TRADE |url=https://www.thetradenews.com/lsegs-turquoise-bolsters-lit-markets-with-re-introduction-of-trading-tariffs/ |access-date=2022-09-06 |website=www.thetradenews.com}}</ref>

==Notes== {{Reflist}}

==External links== *{{Official website|http://www.tradeturquoise.com }}

Category:London Stock Exchange Group Category:Electronic trading platforms Category:Financial markets Category:Stock exchanges in the United Kingdom