Turquoise, a pan-European multilateral trading facility, has cut its fee for non-displayed trading to 0.30 basis points from 0.50 bps from 1 October until the end of this year.
The price reduction applies to dark trades on Turquoise’s integrated and mid-point order books.
In addition, Turquoise will offer a two-month fee waiver for new members executing on the integrated and mid-point books and new clients of TQ Lens, the MTF’s dark liquidity aggregation service.
For the dark trading fee waiver, Turquoise classifies new customers as those who start trading on the integrated book between 1 October and 31 December or any existing members who have traded less than €5 million of non-displayed orders on the two books to date.
The TQ lens price waiver applies to a maximum total executed value of €1.5 billion over the two-month period, and applies to clients who commence trading on TQ Lens between 1 October 2009 and 31 December 2009.
According to Turquoise, its member base has expanded 25% in the last six months, and the fee programmes are designed to attract additional firms to its non-displayed offerings.
“In its first month of operation, TQ Lens has already achieved price improvements averaging up to five basis points for existing members and, alongside our mid-point and integrated books, provides access to substantial liquidity at reduced levels of market impact,” said Turquoise CEO Eli Lederman in a statement.
Before the cut, Turquoise had the most expensive dark fee of its peer group. Chi-X Europe’s Chi-Delta charges 0.3 bps per execution, Nasdaq OMX’s Neuro Dark costs 0.2 bps and BATS Europe’s dark pool – the only one to offer maker-taker pricing – pays a rebate of 0.1 bps for posting liquidity and levies a 0.25 bps fee for removing it.