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The Turquoise Midpoint Order Book offers both continuous and periodic matching at the midpoint of the primary market best bid or offer. Turquoise differentiates itself from other dark multilateral trading facilities (MTFs) by allowing participants to control the type of liquidity with which they interact – and in particular the ability to limit interaction to other patient participants only, which it says makes it safer for brokers to post institutional client flow.
Functionality and order types
According to Turquoise, the key focuses for its dark pool are its safety and integrity. It uses low-latency matching technology and sources reference price data from other markets to ensure integrity.
Access and participation
Clients must be members of the Turquoise MTF with appropriate clearing arrangements. Institutions cannot participate directly. The dark pool has 30 active participants.
The Turquoise Mid-Point Order Book offers trading in approximately 1,600 securities across 15 markets.
The dark MTF offers an order type that allows participants to opt-out of interacting with immediacy demanding flow, hence only trading with other patient participants. It also supports minimum acceptable quantity functionality for the lifetime of an order, allowing participants to avoid small fills. The MTF undertakes rigorous surveillance, ensuring participants cannot engage in reference-price manipulation. It also ensures that interfaces do not accidentally reveal information about liquidity in the pool.
The dark pool has no liquidity sharing arrangements in place.