Turquoise - Leading European MTF
Join the fastest, broadest and most competitive pan-European equity market
PERFORMANCE AND CERTAINTY
Unmatched performance offering greater
control and increased certainty of trade
- Average round-trip order latency of 126µs
- Below 400µs round-trip for 99.9% of orders
- Provides better certainty of execution
Optimal central-London location
- Hosted within the LSE data-centre
- Common physical connectivity and
location options
- Natural first port of call
Consistent price improvement in Integrated and
Midpoint Order Books
INNOVATIVE SERVICES
TQ Integrated Order Book – combining visible,
iceberg and hidden (LIS) orders
TQ Dark Midpoint Order Book – continuous and
periodic trading of non-displayed orders at the
primary market midpoint
TQ Lens – unique access to non-displayed block
liquidity of partner brokers
TQ Derivatives - Launch of competitive trading of
equity index and single stock derivatives in 2011
TRUSTED AND TRANSPARENT
Majority owned by London Stock Exchange, in
partnership with 12 investment banks
Proactive support provided by expert
professionals working with you at all times
INTERFACES (ALL COMMON TO LSE)
Choice of FIX5 or Native API for order entry
Multicast-ITCH for market data
FIX5 drop-copy of all messages or trades only
LIQUIDITY
Broadest universe of stocks
- Uniform access to 19 European and US
markets through one interface, one
membership
- European mid and small caps not supported
by other MTFs
- Emerging markets not supported by other
MTFs, including Czech, Hungary, GDRs
co- - US large caps, ADRs and ETFs
Diverse membership including
- largest banks and brokers
- institutions with local, regional and sector
focus
- specialist trading and market-making firms
- retail brokers
Significant institutional liquidity from
investment bank shareholders
ACCESS AND FEES
No client membership, connectivity or data fees
Re-use existing LSE connectivity/co-location
Sponsored access via co-located broker and
Exchange-operated pre-trade risk controls (Q1
2011)
Egalitarian maker-taker pricing model, and
promotions to increase participation
Explicit savings in trading and post-trading costs
EFFICIENT POST-TRADE
EuroCCP (DTCC subsidiary) provides low-cost
clearing for all European and US securities
Approved GCMs include: ABN Amro, BarCap, BNP
Paribas, Citigroup, Cheuvreux, Credit Suisse,
Deutsche Bank, Goldman Sachs, Instinet, KAS
Bank, KBC Bank, Merrill Lynch, MF Global, Morgan
Stanley, Nomura, Santander, SEB, RBS and UBS
TQ INTEGRATED ORDER BOOK
The TQ Integrated Order Book combines visible
and non-displayed orders to deliver an increased
likelihood of execution and provide price
improvement for small orders, whilst minimising
information leakage and market impact for larger,
institutional-size orders.
Continuous trading from 8:00am – 4:30pm
Orders executed on a Price, Display Type, Time
priority
Transparent pre and post trade – full depth of
book feed published
Supported Order Types
Persistent: Limit Orders (displayed), Iceberg
Orders (partly displayed), Large In Scale (LIS)
Hidden Orders (non-displayed) with GTT, GFD,
GTC time-in-force
Non-persistent: IOC/FAK Orders, FOK Orders and
Market Orders
Minimum Accepted Quantity (MAQ) is supported
on non-persistent order types only
TQ LENS – DARK AGGREGATION SERVICE
The TQ LENS aggregation service provides a single
point of access to non-displayed block liquidity
residing within brokers, and at trading facilities
providing non-displayed execution services.
Persistent orders distributed to connected non-
displayed pools in accordance with a range of
rules-based distribution algorithms
Covers a pan-European universe of stocks
Same clearing and settlement arrangements as
Order Book executions
Stringent anti-gaming logic employed
TQ MEMBERSHIP
Becoming a member of Turquoise is a simple process.
For qualifying firms membership is free, and with
access through LSE co location or Extranex the ability
to be up and running very quickly is easily achievable.
Full details on eligibility and how to join Turquoise,
along with the latest version of all documents can be
found on the Turquoise Website –
www.tradeturquoise.com/tq_joining.shtml
Alternatively, please contact the Client Relationship
Management team for more information.
TQ DARK MIDPOINT ORDER BOOK
The TQ Dark Midpoint Order Book is a non-
displayed Price-referencing Order Book offering
unmatched flexibility and control.
All trades take place at an instrument’s Primary-
market Midpoint Price (PMP)
Multiple matching modes offers differentiated
access to liquidity:
- Continuous matching - maximise fill rates by
interacting with all possible counterparties
- Randomised periodic matching – limit
interaction to other patient participants
willing to wait 10-60 seconds for a periodic
match
Orders executed on a Time priority basis
Transparent post-trade but not pre-trade - trades
are published, orders remain completely dark
Supported Order Types
Persistent: Limit, Market and Pegged orders with
GTT, GFD or GTC time-in-force are treated as
pegged to the PMP
Non-persistent: IOC/FAK Orders and FOK Orders
Anti-Gaming
- Minimum Accepted Quantity (MAQ) is
supported for all order types
- Support for optional Limit/Cap price to
protect order
Learn more about what
Turquoise has to offer you
Visit: www.tradeturquoise.com
Office Address
10 Paternoster Square
London
EC4M 7LS
T: +44 (0) 20 7382 7600
F: +44 (0) 20 7382 7690
E: info@tradeturquoise.com
Client Relationship Management
T: +44 (0) 20 7382 7650
E: sales@tradeturquoise.com