Turquoise, the alternative trading system backed by 9 investment banks has passed another milestone. All of the 13 markets available for trading have now concluded their settlement cycles and effective settlement has occurred in each country. The validation of trading, clearing and settlement processes will allow members to begin to further utilise the Turquoise MTF across their businesses. Market making will now begin to increase and smart order routers that are being trialled with small volumes will be further employed. Trading desks will be given full access and client order flow will start to be sent to Turquoise.
This confirmation of the operational process also triggers important activities at Turquoise. The rollout of stocks will continue as planned and the complete Turquoise universe will be available for trading on Friday 29 August. As we enter full production trading we will continue the process of connecting software and market data vendors, enabling new trading members and working with EuroCCP to bring on new clearers and ensure a wide member base can access Turquoise efficiently.
We expect this build up in use, the rollout of the full stock universe and the growing number of trading members to translate into a trend of gradually increasing volumes that will continue throughout September and into the fourth quarter.
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