Europe's turning Turquoise

Ringing of the Turquoise bell opened new platform

With the ringing of its bell, Turquoise, the pan-European equity trading platform was launched earlier this autumn.

The launch has been successful; from both a market and a technical perspective. The platform reached its year end target shortly after launch, claiming 5.36% market share in aggregate across the 310 stocks in their integrated market, which spans the most liquid stocks in 14 European countries.

The Turquoise Multilateral Trading Facility (MTF) provides electronic execution services to buyers and sellers of pan-European equities. Turquoise’s unique market model recognizes the importance of visible order book activity in today’s market structure and reconciles small order, high frequency activity with traders’ desire to find larger institutional-size liquidity.

Using Cinnober’s TRADExpress™ Trading System and agile project management, Turquoise was able to initiate and implement the trading platform to a tight and rigorous schedule.

Commenting on the roll-out, Eli Lederman of Turquoise described the outlook for the platform: “While we are pleased with the initial market share gains, we know that volumes always develop over time. It’s more important therefore that we launched Turquoise with the right credentials of market-leading technology and progressive functionality.”

“Turquoise has already met several milestones,” said Jan Arpi, CEO of Cinnober. “I’m convinced that we have just seen the beginning of a really interesting future for them.”

Turquoise’s decision to select Cinnober came after an in-depth review of a wide range of suppliers. Cinnober’s TRADExpress™ technology best matched Turquoise’s requirements for functionally rich solutions within areas such as reliability, scalability and low latency.

Turquoise COB Peter Gibbs and CEO Eli Lederman ring opening bell for new platform