Turquoise, a pan-European multilateral trading facility scheduled for launch in September, will use the Transition Auditing Group (TAG) to provide it with independent daily execution performance measurements.
TAG has developed tools to provide independent measurement of a trading platform’s best execution performance for broker dealers and the buy-side, which Turquoise contends is becoming a must-have in a fragmented market.
“Partnering with TAG will help us to provide further analytical value to our participants as they benefit from the combination of low latency with high quality execution performance of Turquoise once it launches in early September,” said Yann L’Huillier, Turquoise’s chief technology officer, in a statement.
Christophe Dacre-Wright, chief executive officer of TAG, added: “TAG is eager to report to the participants on how Turquoise’s sophisticated trading system and unique market model will have delivered frequent price improvement and crossing opportunities.”