Turquoise, the pan-European multilateral trading facility (MTF) owned by the London Stock Exchange (LSE), has announced a pricing promotion to attract more trading volume to its platform.
From 1 November, Turquoise will increase the rebate for passive posters of liquidity to 0.4 basis points for 60 of the most liquid European stocks, double the rebate for passive flow currently offered by Chi-X Europe and BATS Europe. The promotion is expected to last for two months.
“The pricing promotion we announced today is open to all Turquoise members, and we expect that many will pass the benefits through to their customers,” said Natan Tiefenbrun, commercial director, Turquoise. “We look forward to welcoming new participants to Turquoise as we migrate onto our new trading platform, and hope that this promotion, combined with the expected improvements in latency and capacity, will encourage Turquoise volume growth on our market.”
In addition to the new promotion, Turquoise also plans to bring its standard pricing schedule in line with other MTFs such as BATS Europe and Chi-X Europe. The fee for aggressive flow will increase by 0.02 bps to 0.3 bps, while the rebate paid to providers of passive flow will remain at 0.2 bps. The 0.3 bps charge for trading on Turquoise's mid-point dark book remains unchanged at 0.3 bps per execution.
According to Turquoise, the promotion, along with connectivity fees that will be removed when the MTF switches to the LSE Group's data centre as part of its migration to a new trading platform on 4 October, will reduce costs for the majority of its members.