Turquoise, the pan-European multilateral trading facility (MTF) that began full trading on Friday, grabbed more than a 10% market share in two of the stocks trading on the platform yesterday, according to figures from the firm.
The MTF captured a market share of more than 5% in 17 stocks, more than 3% in 49 stocks, more than 2% in 81 stocks and more than 1% for 134 stocks. Turquoise began its limited trading phase on 15 August, and gradually built up to full trading in all 13 target markets and 1,267 stocks on 29 August.
Turquoise executed around 40,000 trades on Tuesday, with a value of €370 million. By comparison, rival MTF Chi-X, which has been operating since April last year, executed trades worth €3.4 billion on Friday, the most recent day for which data is available. During August, Chi-X has been regularly reporting a 15-20% market share in some leading blue-chip stocks.
The 40,000 completed transactions represents a doubling in volumes compared with 20,000 trades executed on Turquoise last Friday, 29 August. On Monday, Turquoise completed 30,000 trades despite the fact that platform suffered a firewall glitch, which disrupted trading for several minutes for some of its users. Turquoise downplayed the effects of the glitch, pointing out that some users were able to reconnect within 50 milliseconds.
Trading on the platform is expected to increase in mid-September, following the implementation of market-making agreements and smart order routing capabilities by Turquoise’s investor banks. Turquoise’s formal, public launch will take place on September 22.