[ T H O U G H T
L E A D E R S H I P ]
MiFID II
Accessing Liquidity Panel
EMEA Trading Conference 3 rd March 2016 FIX Trading Community Voting Results
Which order book innovations are you most using?
As a result of impending regulation,
do you expect in 2018:
50%
60%
46%
45%
51%
40%
Percentage
50%
40%
30%
28%
35%
30%
25%
20%
20%
20%
15%
15%
10%
10%
10%
9%
8%
0%
More Block
Trading
Less Block
Trading
5%
5%
5%
1%
0%
No change
on
ts
Ba
d
rio
pe
rs
rde
cti
u
ic a
o
en
idd
h
TS
id
@M
ic
ord
N
E
E S
LS
SIX
iss
Sw
e
t S
ne
id
iqu
L
ce
rvi
ery
rk
da
rq
Tu
k
loc
e B
is
uo
v
co
Dis
er
ov
isc
D
me
ce
rvi
e
y s
Eq
uid
t
uc
BO
VB
uis
Aq
lu
Vo
tra
Xe
Source: FIX Trading Community EMEA Trading Conference 3rd March 2016, audience 23% buyside, 26% sellside, 28% vendor, 24% Exchange & other
Europe.
Turquoise was honoured to win
The TRADE’s Leaders in Trading
2017 Award for Block Trading and
subsequently to feature in The Par-
liamentary Review 2018 as Finance
sector example “Highlighting best
practice.” This included the 2018
bubble chart example of Spanish
stock Santander with large single
trade of ¤15.6 million, plus more
similarly sized trades in the same
stock on the same day.
Turquoise allows, via a single
connection, members to trade
securities of 19 European countries
– developed and emerging – and
settle each trade in the respec-
tive country’s Central Securities
Depository. Turquoise has great
experience connecting to multiple
clearing houses, including the fully
interoperating LCH, EuroCCP, and
SIX x-clear, providing a choice of
CCP to members and ultimate-
ly settling trades into one of 20
settlement destinations, including
Euroclear Bank for International
Order Book Depository Receipts
denominated in other currencies,
for example, USD. Our humble
view is that by optimising the post-
trade model, straight through pro-
cessing enhances trading liquidity.
Turquoise functionalities are
designed in response to customer
demand – Turquoise effectively
operates three parallel order books:
one lit, one midpoint that also
provides quality execution for elec-
tronic blocks, and one for periodic
lit auctions that welcomes orders
of all size. Since launch in 2008,
Turquoise customers have matched
more than ¤7 trillion, with the last
five years representing more than
¤5 trillion.
Turquoise members are increas-
ingly trading Exchange Traded
Funds and Global Depository
Receipts, financial instruments
representing shares in foreign
companies from countries such
as Egypt, India, Russia and South
Korea. Investors are finding
liquidity via Turquoise innovations
designed in partnership with our
stakeholders. This year, Hong Kong
and Dubai regulators recognised
Turquoise, allowing local brokers
to join our growing community of
international trading members.
Turquoise execution channels
Issue 58 // TheTradeNews.com // 47