Dark pools emerge in Project Turquoise

Project Turquoise, the share trading system backed by a group of the world's largest investment banks, will allow transactions both on-exchange as well as in "dark liquidity" pools, where firms offer to buy and sell large blocks of shares away from public sight, the Financial Times reported on Friday.
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Project Turquoise, the share trading system backed by a group of the world’s largest investment banks, will allow transactions both on-exchange as well as in “dark liquidity” pools, where firms offer to buy and sell large blocks of shares away from public sight, the Financial Times reported on Friday.

Speaking at an Exchange Forum conference in London, Phillip Hylander, co-head of European equities at Goldman Sachs, set out for the first time the broad outlines of the business model that has promised to bring more competition to European share trading, according to the FT.

"Turquoise is to be a hybrid that will incorporate a public order book and a non-public order book," Mr Hylander told the conference. "Turquoise will be an aggregator of 'dark pools'."

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