Turquoise, the pan-European multilateral trading facility (MTF) majority owned by the London Stock Exchange Group (LSEG), has reported a 63% rise in average daily equity value traded on a pan-European basis.
Turquoise traded an average daily value of €2.6 billion in the six months to 30 September, up from €1.6 billion last year, according to its parent group’s interim results, released today. However, total value traded on Turquoise is up more than 100% year on year to October 2013.
In the six months to 30 September, Turquoise traded a total of €340.1 billion, up 69% from €200.8 billion in the same period in 2012.
Turquoise has implemented a number of changes since unveiling ex-CEO of UBS MTF Robert Barnes as its new chief executive in August. The platform’s existing periodic auction functionality – which features buy-side-friendly size priority and random uncrossing – has been rebranded Turquoise Uncross. According to Turquoise, values matched in Turquoise Uncross increased more than threefold since September. For both September and October 2013, more than a quarter of the monthly value matched in Turquoise Uncross had a trade size of €100,000 or more.
In addition, Turquoise has admitted second lines of a number of dual-listed securities and widened its stock universe by more than 800, including small caps across continental Europe and the Nordic region. There are now 2,848 stocks and exchange-traded funds available for trading on Turquoise, across 18 European countries. Market-leading pan-European platform BATS Chi-X Europe offers trading in more than 3,600 securities across 15 major European markets, according to its website.
For the year to October, Turquoise is the fastest growing equity trading platform by value matched across lit, hidden, dark and auction order books, according to data from Thomson Reuters Equity Share Market Reporter.
Overall LSEG’s London-based cash equity secondary market trading revenues rose 8% to £46.4 million. Its derivatives markets recorded 34% and 24% falls in volume traded in the UK and Italy respectively, citing “weak conditions”.
LSEG’s adjusted operating profit for the period rose 6% to £229.9 million, with revenues rising 44% to £504.2 million, which includes a five-month contribution from LCH.Clearnet, its recently acquired clearing house.