Turquoise, a pan-European multilateral trading facility (MTF) backed by nine investment banks, is aiming for a 6-7% market share of pan-European trading by the end of this year, having shown further signs last week of recovering from the loss of its market-making agreements in March.
Turquoise’s market share of traded value on the SMI Swiss blue-chip equity index reached 7.8% last week and hit an all-time record of 9.5% on 8 July. The MTF’s share of Europe-wide traded value was 3.8% last week, the highest since 20 March.
“Different markets have been building at different rates, but last week volumes were high across the board,” Duncan Higgins, head of client relationship management at Turquoise, told theTRADEnews.com. “We have been steadily picking up market share week-by-week since mid-March and we’re now working to achieve further growth by the end of the year.”
The MTF’s founding members were committed to making markets on Turquoise from its launch last September until 13 March 2009. After the agreements expired, Turquoise’s market share dropped sharply.
According to figures from fellow MTF BATS Europe, Turquoise’s share of pan-European traded value fell to an average of 1.52% in the week ending 20 March from 5.8% in the week ending 13 March. Its share of SMI stocks also slumped to an average of 3.36% in the week ending 20 March from 5.73% the previous week.