The London Stock Exchange (LSE) has revealed its results for the eleven months to the end of February, demonstrating a strong performance in equities and derivatives on its multilateral trading facility Turquoise.
Trading on Turquoise’s equity platform increased 54% during the period – from €306 billion to €472 billion – while Turquoise Derivatives reported a 16% increase in its trading volumes, from an average of 31.9 million contracts traded daily in February last year to 36.9 million in February this year. Average daily value traded in equities on Turquoise was €2 billion, up from €1.3 billion a year earlier.
By comparison, total UK trading reached £1.06 trillion, which while 2% lower than the previous year, were partially offset by a 2% increase Italian equities traded on the group's Borsa Italiana subsidiary.
The Group’s share of order book trading in UK cash equities for Q4 to date increased to 62.7%, from 60.5% in Q3 last year. Equity clearing volumes on CC&G, the Italian clearer that is part of Borsa Italiana – rose by 3%.
Turquoise Derivatives, which currently offers trading in FTSE-based contracts, was launched last June to challenge the dominance of traditional venues and hopes to take advantage of recent regulatory change. The new rules – contained in the European market infrastructure regulation – will remove commercial barriers to competition in the trading and clearing of listed securities and derivatives. The non-fungibility of Turquoise Derivatives contracts with those on NYSE Liffe was a major barrier to the new venue's ability to attract trading volumes.