Turquoise-Plato creates undisclosed execution channel for lit auction liquidity, revives order type for frequent batch auctions

Plato announced that Turquoise Plato Trade at Last, its new collaborative product with Turquoise, is set to go live on 13 July. Trade at Last will allow market participants to proactively search for liquidity within Turquoise Plato Lit Auctions. It will provide a post-close liquidity opportunity without information leakage due to the nature of remaining a dark undisclosed service, and complements end of day processes with a 16:45 (UK Time) finish time.

Scott Bradley, head of Sales and Business Development, LSE and Turquoise, said in a statement: “This is the first time that investors have the opportunity to seek further liquidity following the closing auction of the relevant Primary Market via a dark undisclosed execution channel.”

The way it works is once the underlying Primary Market has completed its natural price formation process and made public the official closing price, both firm and conditional orders can be submitted into Turquoise Plato Trade At Last (until 16:45 UK time). Using the same Turquoise Plato and Turquoise Plato Block Discovery functionality that currently provides mid-point dark block liquidity during continuous trading, the Turquoise Plato Trade At Last will simply reference the close price instead, explained Bradley in the statement.

Adam Sherlock, Business Development manager, LSE and Turquoise, also commented in the statement on the pending go-live of additional value-add functionality which is also due to be released 13 July: “Turquoise is re-introducing the Good For Auction (GFA) order-type into Turquoise Plato Lit Auctions but this time with significant added workflow benefit. The GFA order will bring frequent batch auctions into more agile, opportunistic and liquidity seeking routing logic, whilst preserving the demonstratable execution quality associated with Turquoise Plato Lit Auctions.”

Members of Plato Partnership include Allianz Global Investors, Axa Investment Managers, BlackRock, BNP Paribas, Deutsche Asset Management, Fidelity International, Franklin Templeton, Norges Bank Investment Management, Barclays, Bank of America Merrill Lynch, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and UBS, among others.

Read the full release

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