Trading turnover on pan-European multilateral trading facility Turquoise’s non-displayed, mid-point book exceeded €200 million for the first time on 28 April, making it the second-largest dark MTF on that day behind rival Chi-X Europe.
The dark book traded €210.7 million on 28 April, up from €165.3 million the previous day. The total value traded on Turquoise overall on 28 April reached more than €2 billion.
By comparison, BATS Europe’s dark book traded €121.7 million, Liquidnet traded €116.4 million, Nomura NX traded €119.9 million and ITG’s POSIT traded €105.6 million, according to data vendor Thomson Reuters’ Equity Market Share Reporter.
Market leader Chi-X Europe’s dark book turnover was €450.5 million on 28 April.
“We want to significantly grow volumes in both lit and dark trading, and these figures show we are clearly moving in the right direction,” said David Lester, CEO of Turquoise, in a statement. “We will continue to focus on the needs of the market, and our clients, and work with them to ensure we continue to innovate and offer new products and services, as our recent roll-out of US equities shows.”
According to Turquoise, now a part of the London Stock Exchange group, its dark book stands apart from those of its rivals because of the high proportion of institutional liquidity. The MTF said it had avoided order types that might enable information leakage or expose participants to adverse selection.
“We want to grow our mid-point book and attract more customers in a manner that preserves our differentiated position,” said David Lester, CEO of Turquoise, in a statement. “Clients tell us they see lower ‘toxicity’ of liquidity in our pool, and that this matters to them. We have further plans to encourage larger orders and trades, and look forward to working with our clients on these enhancements.”
For the month of April so far, Turquoise in the third-largest dark MTF by turnover with €2.4 billion, behind Chi-X Europe (€4.9 billion) and Liquidnet (€2.8 billion).