Turquoise (trading platform)
| Type | Multilateral trading facility |
|---|---|
| Location | London, United Kingdom |
| Founded | 2008 |
| Owner | |
| Website | http://www.tradeturquoise.com/ |
Turquoise is an equities trading platform (Multilateral trading facility or MTF), created by nine major investment banks in 2008. The aim was to provide dealing services at a 50% discount to traditional . It is a hybrid system that allows trading both on and off traditional exchanges. The system was advertised as a "pan-European platform based in London".
It was set up by a consortium of banks made up of BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale and UBS. The group selected EuroCCP to provide clearing and settlement services. The group selected Sweden's Cinnober as its trading platform. Turquoise developed a real-time market surveillance system "to capture breaches of trading rules and root out market irregularities". The system is based on the Software AG Apama complex event processing platform. Turquoise was successfully launched on 15 August 2008. Turquoise uses QuantHouse as low latency market data feed for its platform.
On 21 December 2009, the agreed to take a 60% stake in trading platform Turquoise, which had a 7% share of the market. Turquoise was merged with the LSE's trading facility Baikal Global. On 4 October 2010, Turquoise migrated to MillenniumIT platform. The next day internal technical problems discovered overnight forced the exchange to postpone the system's opening until 9:15am. The system was out of service for 2-hours on 2 November 2010. The London Stock Exchange said "preliminary investigations indicate that this human error may have occurred in suspicious circumstances".
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