Turquoise Luminex

Built by the Buyside for the Buyside

  1. Overview
  2. Key Benefits
  3. FAQ's
Contact us

A powerful new partnership that combines the strengths of LSEG's pan-European trading platform Turquoise and US-based trading marketplace LeveL Markets, which operates the Luminex platform.

Turquoise Luminex introduces a manual block conditional order type, enabling seamless trading of UK, Swiss, and European blocks - all through a single platform.

Benefiting from Turquoise’s market leading electronic block trading services, alongside Luminex’s technology capabilities and extensive buyside network, the new order type will be accessible to buyside trading desks via Luminex’s advanced and intuitive GUI, connecting to Turquoise Block Discovery trading service through a flexible nominated broker model (MICs: TRQM and TQEM).

The new order type enables trading participants to have greater control over their larger block orders and seek liquidity with reduced market impact by self-directing orders to Turquoise, allowing buyside firms to find both buyside and sell side counterparties.

Connected Nominated Brokers:

  • Bernstein
  • Goldman Sachs
  • Jefferies
  • JP Morgan
  • Rothschild
  • UBS
A powerful new partnership has arrived,combining the strengths of Pan European MTF Turquoise and USbased trading marketplace LeveL Markets,operator of the Luminex platform.Bringing you Turquoise Luminex.Built by the buy side, for the buyside.This new offering introduces a manual block conditional ordertype, enabling seamless trading of UK,Swiss and European blocks.All through a single platform,with an advanced intuitive GUI and flexible nominated broker model.Here's how it works: Submit via Luminex,Get a match on Turquoise and firm up in twenty seconds manually.Clearing the trade via your nominated broker.or in just .05 seconds for electronic blocks.Trading directly on Turquoise.Turquoise Luminex,You gain access to a wide network of buy side and sell side liquidity. With enhanced counterparty monitoring and powerful pre and post trade analytics.All while leveraging Turquoise's extensive membernetwork and Luminex's powerful buy side and vendor connectivity.Buy side firms benefit from greater control,minimising market impact and maximising outcomes,with seamless onboarding for nominated brokers and buy side firms.Turquoise Luminex. Built by the buy side, for the buy side.Learn more today.

Useful Links

Turquoise & Level Markets Partnership

Read press release

Key Benefits

Track Record

Luminex is an established US ATS with an active user base of 280+ firms with over 600 traders using the platform for US block trading

Nominated Broker Model

Allows buyside the flexibility to pay brokers

Manual Conditional

Large-in-Scale conditional order type that requires buyside trades to firm up within 20 seconds

Diverse Liquidity Pool

Buyside and sell side block liquidity

Counterparty Monitoring

Score based tiering and counterparty monitoring

Performance Analytics

Tier and rank data available on front end on firm and trader view

Frequently asked questions

Everything you need to know

  • The partnership is between LSEG's pan-European trading platform Turquoise and US-based trading marketplace LeveL Markets, which operates the Luminex platform.

    Under the partnership, Turquoise Luminex will offer a new block Manual Conditional Order Type to buy-side and nominated broker members. 
    The new order type will be accessible to buy-side trading desks through Luminex’s GUI and connects to nominated brokers on the Turquoise Block Discover trading service (MICs: TRQM and TQEM).

    Benefiting from Turquoise’s pan-European presence and award-winning block trading services alongside Luminex’s technology capabilities and extensive buy-side network, the Manual Conditional Order Type enables trading participants to have greater control over their larger block orders and to seek liquidity with reduced market impact by self-directing orders to Turquoise, allowing buy-side firms to find both buy-side and sell-side counterparties.

  • Directly via Luminex’s front-end which functionality (including EMS/OMS integration) allows Buyside traders to submit Manual Conditional Orders to Turquoise Block Discovery and firm up their Orders when requested to do so to the Turquoise Dark Uncross, a feature of the Turquoise Dark Order Books (TRQM/TQEM).

  • Turquoise admits to trade Equities and Non-Equities such as ETPs, ETNs, ETCs from the following markets/countries: 
    Turquoise: Switzerland and United Kingdom.
    Turquoise Europe: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain and Sweden.

  • Within the Turquoise Dark Order Book, all Orders are matched at the Primary Market Midpoint Price (when well formed) until the Primary Market Closing Price is published. Orders will then trade within Turquoise Dark Trade At Last session at the Primary Market Closing Price.

    Similarly, within Turquoise Block Discovery, Manual Conditionals also used the same reference prices (i.e. Primary Market Midpoint, then Primary Market Closing Price).

  • Buyside firms will default to a nominated broker, with each Buyside trader able to override their Buyside firm’s default and set their own nominated broker. These can be changed daily/weekly/monthly as required by the Buyside firm/trader. Nominated brokers can also be changed on each Manual Conditional/Order.

Contact us

  •
    Tom Stenhouse
    CEO Turquoise and Head of Product, Equities Trading
  •
    Neil Blewitt
    Turquoise Product Director
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