TRADING VENUES

‘Turquoise Plato’ formed under new agreement

Turquoise issues first update on Plato Partnership since it was chosen as the preferred technology provider in July 2015.

By Hayley McDowell hayley.mcdowell@information-partners.com  September 06, 2016 9:51 AM GMT

The London Stock Exchange’s Turquoise is to rebrand its block trading and uncross services under the new name ‘Turquoise Plato’, as part of an agreement with Plato Partnership. 

The rebrand will see Turquoise Block Discovery and Turquoise Uncross renamed as Turquoise Plato Block Discovery and Turquoise Plato Uncross respectively. 

Both parties are to promote the service together, as they work towards developing efficiencies in the European equities block trading space. 

Plato was formed as an initiative in response to block trading difficulties, with the aim to reduce costs and offer deep liquidity.

Buy- and sell-side firms including the likes of Goldman Sachs, Deutsche Bank, Citi, JP Morgan, AXA Investment Managers and Fidelity Worldwide Investment have all confirmed their participation in the partnership.

Turquoise was selected by the initiative as its preferred dark pool technology provider back in July 2015, and news of the rebrand this week has been the first official update since that announcement. 

In August, lawyers acting for Plato Partnership set up a new company in Dublin after extinguishing the company name registered in England and Wales as “Plato Partnership Limited” on Companies House.  It was renamed “Hack Unused Co No.14 Limited.”

Mike Bellaro, co-chair of Plato and global head of equity trading at Deutsche Bank, said the formation of Turquoise Plato “lays the foundations for Plato to drive forward future industry initiatives.”

He added: “This collaborative initiative will aim to improve European equity markets in the interests of end investors based on a not-for-profit ethos.”

Chief executive officer at Turquoise, Robert Barnes, explained the new Turquoise Plato service offers the industry a “large in scale electric execution channel that works.”