# Turquoise (trading platform)

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

'''Turquoise''' is an equities [trading platform](/source/electronic_trading_platform) ([multilateral trading facility](/source/multilateral_trading_facility) or MTF), created by nine major [investment banks](/source/investment_banks) in 2008. The aim was to provide dealing services at a 50% discount to traditional [exchanges](/source/stock_exchange).<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](/source/London)".<ref name="telegraph" />

==History==
It was set up by a consortium of banks made up of [BNP Paribas](/source/BNP_Paribas), [Citi](/source/Citigroup), [Credit Suisse](/source/Credit_Suisse), [Deutsche Bank](/source/Deutsche_Bank), [Goldman Sachs](/source/Goldman_Sachs), [Merrill Lynch](/source/Merrill_Lynch), [Morgan Stanley](/source/Morgan_Stanley), [Société Générale](/source/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale) and [UBS](/source/UBS). The group selected [EuroCCP](/source/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](/source/Sweden)'s [Cinnober](/source/Cinnober) as its trading platform. Turquoise developed a real-time [market surveillance](/source/financial_regulation) system "to capture breaches of trading rules and root out market irregularities". The system is based on the [Software AG](/source/Software_AG) [Apama](/source/Apama_(software)) [complex event processing](/source/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](/source/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](/source/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](/source/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](/source/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>

==See also==
* [Chi-X Europe](/source/Chi-X_Europe)
* [Euronext](/source/Euronext)
* [NYSE Euronext](/source/NYSE_Euronext)
* [London International Financial Futures and Options Exchange](/source/London_International_Financial_Futures_and_Options_Exchange)

==Notes==
{{Reflist}}

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

{{Authority control}}

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

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Adapted from the Wikipedia article [Turquoise (trading platform)](https://en.wikipedia.org/wiki/Turquoise_(trading_platform)) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Turquoise_(trading_platform)?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.