Turquoise Dark Trading

Turquoise Block Discovery further enhances the Turquoise Dark by facilitating the trading of larger block orders by matching Block Indications and Client Block Indications. On identifying potential matches, the service will require Participants to send firm Qualifying Block Orders to Turquoise Dark Uncross, maximising available liquidity for customers of both services.

Robust reputational scoring and surveillance will monitor the conversion of Block Indications into firm orders to optimise the use of the service. Size priority in the matching logic and user defined Minimum Execution Size in the Turquoise Dark also encourages larger sized orders and further improves execution quality.

With Turquoise Dark Trade at Last, investors have the opportunity to seek further liquidity following the closing auction of the relevant Primary Market via a dark undisclosed execution channel. Once the underlying Primary Market has completed its natural price formation process and made public the official closing price, both firm and conditional orders can be submitted into Turquoise Dark Trade at Last (until 16:45 UK time). Using the same Turquoise Dark and Turquoise Block Discovery functionality that currently provides award winning midpoint electronic block liquidity during continuous trading, Turquoise Dark Trade at Last simply will reference the close price instead of the mid-point of the Primary Best Bid and Offer.

Access to the service is automatically provided through existing connections to Turquoise Dark and its same MIC (TRQM on Turquoise and TQEM on Turquoise Europe), thereby requiring little or no additional operational effort to implement. Turquoise Dark Trade at Last provides a post-close liquidity opportunity without information leakage due to the nature of remaining a fully anonymous undisclosed service and complements end of day processes with a finish time of 16:45 (UK Time).

Turquoise Dark Trade at Last is a new and different offering to those Trade At Last functionalities currently existing on lit venues. Turquoise Dark Trade at Last is effectively an extension of Turquoise Dark during a different time phase after the closing auction. This can be especially useful if monitoring quality block executions coming back from Turquoise via Tag30 and Tag851 towards the end of the trading day. Turquoise Dark Trade at Last provides a unique service to capture additional opportunity, same day as soon as the closing price is known.