Pan-European equity trading venue Turquoise has set a date for the migration of its stocks to the common symbology framework for multilateral trading facilities.
The new symbols will be implemented for Austrian securities on 8 June, with all other securities following the week after on 15 June.
The initiative was first established in October last year by fellow MTFs Chi-X, BATS Europe and Nasdaq OMX Europe, all three of which have already rolled out the new symbology. Turquoise joined the group in March, but initially delayed implementation based on member feedback.
The adoption of common symbology across Europe’s alternative trading venues is expected to facilitate the use of smart order routing across multiple venues and increase back-office efficiency. Some observers have also noted its importance for the creation of a consolidated pre-trade data feed for European securities.