Turquoise, a multilateral trading facility (MTF) backed by nine banks, suffered an outage this morning due to a “complex dark order matching scenario”, according to a notice sent to members.
While displayed trading on the MTF has resumed, dark trading remains unavailable.
All trading on the MTF was suspended at 07.26 Greenwich Mean Time and all open orders were cancelled.
Member connectivity was re-established at 11.30 and a pre-opening session ran from 11.40 to noon, after which continuous displayed trading resumed.
However, dark order entry on Turquoise’s mid-point book and integrated book has been suspended until the root cause of the problem is identified.
Launched in September 2008, Turquoise now accounts for 3.65% pan-European market share, according to figures from the Fidessa Fragmentation Index, a weekly European liquidity tracker. The MTF is in the process of rebuilding its market share, following the expiration of the market making agreements it had with its member shareholders.