Turquoise Block Discovery™

  • Turquoise Block Discovery™

    Learn more about Turquoise latest innovation

Turquoise is pleased to inform customers that  Turquoise Block Discovery™ is available in live Production starting 20 October 2014

Turquoise Block Discovery™ further enhances the Turquoise Midpoint Dark Book by facilitating the trading of larger block Orders by matching Block Indications. On identifying potential matches, the service will require Participants to send firm Qualifying Block Orders to Turquoise Uncross™, maximising available liquidity for customers of both services.

Robust reputational scoring and surveillance will monitor the conversion of Block Indications into firm Orders to optimise the use of the service.

Turquoise Uncross ™, a key innovation to complement the Turquoise Midpoint Dark Book, is a series of randomised uncross events, which take place between 5-45 seconds, the frequency depending on the liquidity of the security. Those  executing Trades in the uncross are able to discount from interacting with more time sensitive flow as only resting, passive Orders are made available to match.

Size priority in the matching logic and user defined Minimum Execution Size in the Turquoise Midpoint Dark Book also encourages larger sized orders and further improves execution quality.

Turquoise Block Discovery™ mechanism explained:

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