Turquoise Periodic Auctions

Turquoise Periodic Auctions is a pre-trade transparent, MiFID II-compliant, price-forming matching mechanism that provides indicative price and quantity to the market.

Turquoise Periodic Auctions are triggered when Turquoise receives orders it can potentially match from its members. Once the auction has started, members have 50 milliseconds in which to submit further orders to the auction, before a further 50 millisecond randomised uncrossing period commences. Turquoise Periodic Auctions supports orders pegged to the midpoint of the Primary Best Bid and Offer 'PBBO', Primary Best Bid 'PBB', and Primary Best Offer 'PBO' (with or without a limit price acting as a cap) and limit orders.

Turquoise members can participate in Turquoise Periodic Auctions by using their existing technical interface to Turquoise with market identifier code (- "MIC"-) of TRQA on Turquoise, and TQEA on Turquoise Europe.

The introduction of Turquoise Periodic Auctions follows the success of Turquoise Dark Uncross, the non-displayed service that provides a series of periodic randomised auction-like uncrossings during European trading hours.