Turquoise Plato trades €480 million for new block record

New daily value traded above LIS is set at Turquoise Plato as block trading trend continues in the wake of MiFID II.

A new daily value traded above large in scale (LIS) has been on set on the London Stock Exchange Group’s block trading platform Turquoise Plato Block Discovery.

The MiFID II anonymous block trading mechanism matched €481 million of trades above LIS yesterday on 24 April, exceeding the previous LIS record of €474 million earlier this year on 22 March.

In total, Turquoise Plato Block Discovery matched €546 million on 24 April with the LIS trades accounting for 88% of the value traded via the platform, which the venue says is due to clients being able to enter block indications at 25% of the LIS threshold for unrestricted stocks.

Turquoise Plato added the records show that market participants are continuing to evolve their behaviour by sending large orders into its platform for high quality execution.

The block trading venture launched in partnership with Plato Partnership has seen activity soar in the run up to and since the implementation of MiFID II in Europe on 3 January.

Statistics have shown the proportion of dark traded as LIS blocks doubled leading up to MiFID II leading to a market estimated to be worth around €100 billion and various new block trading venues entering the market.

The UK saw a record number of block trades and value traded at the end of last month with Turquoise Plato and Liquidnet’s LIS platforms proving to be most popular.

Data for the week ending 23 March showed 2,193 block trades were executed across the major European block trading venues in the UK, compared to 1,865 trades the week prior.