What is Turquoise Retail Max?
Turquoise Retail Max is the latest offering providing a transparent best execution service for the European Retail broker, designed to deliver price improvement for the end retail investor across Europe, UK, and Swiss securities.
Retail brokers that use Turquoise Retail Max can meet their best execution obligations on pan-European securities thanks to its dynamic mechanism. A fair and open auction means retail orders will interact with diverse sources of liquidity by both market participants and specialist retail liquidity providers using Turquoise Retail Max. In order to achieve the best possible outcome, retail orders are at the centre of the price-formation mechanism delivering price improvements in a transparent multilateral order book.
Turquoise Retail Max benefits for retail investors
Scope and access
- Single point of access for pan-European securities.
- Network of existing members who will offer access to the service.
- Participants may use limit, pegged to mid, pegged to bid and pegged to offer order types.
Price improvements
- Concentration of liquidity at one point in time achieved through a truly multilateral price formation mechanism based on diverse market participants’ interests, including retail orders and liquidity providers.
- Opportunity for price improvement to primary market midpoint through the auction process which maximises volume towards Midpoint price executions.
Additional visible liquidity
- Retail liquidity providers will offer liquidity during market hours.
- Pre-trade order book transparency, including visible liquidity provider limit orders.
Pegged orders
- Pegged to midpoint orders allow for Primary Market Midpoint execution.
- Aggressive pegged order helping you achieve best execution
- A Buy order pegged to the Primary Market Best Offer price ensures an order can never be executed at a price higher than the Primary market’s best offer price.
- A sell order pegged to the Primary Market Best Bid price ensures an order can never be executed at a price lower than the Primary market’s best bid price.
Real-time market data
- Real-time market data redistribution licence fee is waived for retail brokers.
Fees
- Fees waived for retail brokers.
- Discounts offered to liquidity providers executing at primary market midpoint.
How does Turquoise Retail Max work?
Turquoise Retail Max is available through the Turquoise Periodic Auctions order book, and will help retail brokers achieve better best execution for their clients through the following process:
Interested in finding out more about Turquoise Retail Max?
If you’d like to talk to us about Turquoise Retail Max, please contact us via the form and a member of our team will be in touch.
Turquoise CEO and Head of Equities Trading Commercial Proposition
