Turquoise, the pan-European multilateral trading facility that began its ‘soft’ launch phase on August 15, had a successful first full week of trading last week, according to a letter from CEO Eli Lederman to Turquoise users.
Although there were low volumes on the platform, as was expected in this initial phase, there were points when Turquoise claimed 2%, 3% and 4% market share in some stocks in which members were making markets. According to Lederman, this “bodes well for the time when market-making will be broader-based and deeper.”
Orders have been executed on the platform’s displayed and non-displayed order books, and there have been crosses executed between these two books. The letter said that Turquoise and its associated technology operated smoothly and that support, surveillance, compliance, post-trade and financial processes benefited from the soft launch.
More than 20 members are now actively trading and the platform is on track to have 50 members executing orders on the system in September.
“Overall, we are happy to report that everything remains on course and that Turquoise will soon deliver on its promise to provide a valuable, new trading service to its community of members,” Lederman wrote.
Turquoise is now trading in all 13 of its target countries, with five stocks being traded in each. Full trading in all 1,267 stocks will be available on 5 September.