Turquoise, Plato Partnership Join Forces
Collaborative group of buy- and sell-side firms to operate three Turquoise equity dark pools; aims to increase equity block trading efficiency.
The agreement marks the formal establishment of both the Plato Partnership and the creation of the Turquoise Plato brand, under which the Turquoise Block Discovery service and Turquoise Uncross auction platform will be renamed as Turquoise Plato Block Discovery and Turquoise Plato Uncross. Plato will be responsible for the joint-operation of the services, as well as Turquoise's mid-point order book.
The collaboration of the buy and sell side and the trading venue, owned by the London Stock Exchange, is aimed at creating greater efficiency across European non-lit equities block trading through reducing trading costs, offering greater transparency and simplifying the market structure. Profits generated through the consortium will fund and commission research through the partnership's Market Structure Innovation Center.
"The creation of a vehicle to improve equity markets based on a not-for-profit ethos and value chain representation is a truly unique proposition, and very important for the buy-side community," said Mike Bellaro, Plato co-chair and global head of equity trading at Deutsche Bank Asset Management, in a statement. "The equal participation of the buy side in Plato reflects the demand for a vehicle that considers the needs of the marketplace ─ focusing on providing liquidity and reducing cost ─ and ultimately improving the trading experience for our clients."
Plato Partnership is the first collaborative group including buy- and sell-side firms to take charge of an equities trading platform, counting organizations including Axa Investment Managers, BlackRock, Deutsche Asset Management, Fidelity International, Union Investment, Barclays, Bank of America Merrill Lynch, Citi, Deutsche Bank, Goldman Sachs, Morgan Stanley, and UBS among its members. According to Plato, JP Morgan is also currently under review to join the group.
LSE's Turquoise was selected by Plato in July last year as its technology development partner following an online poll, which also included Aquis Exchange, BATS Chi-X Europe, Cinnober, Euronext, Nasdaq and BIDS Trading.
"With Turquoise Plato, the industry has a Large in Scale electronic execution channel that works," said Robert Barnes, CEO of Turquoise, in a statement. "Turquoise Plato offers neutral and trusted MiFID II-compliant mechanisms for executing larger anonymous block orders above 100% of Large in Scale thresholds."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Man Group CTO eyes ‘significant impact’ for genAI across the fund
Man Group’s Gary Collier discussed the potential merits of and use cases for generative AI across the business at an event in London hosted by Bloomberg.
BNY Mellon deploys Nvidia DGX SuperPOD, identifies hundreds of AI use cases
BNY Mellon says it is the first bank to deploy Nvidia’s AI datacenter infrastructure, as it joins an increasing number of Wall Street firms that are embracing AI technologies.
This Week: Linedata acquires DreamQuark, Tradeweb, Rimes, Genesis, and more
A summary of some of the latest financial technology news.
Systematic tools gain favor in fixed income
Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.
Euronext microwave link aims to cut HFT advantage in Europe
Exchange plans to level playing field between prop firms and banks in cash equities with cutting edge tech.
Why recent failures are a catalyst for DLT’s success
Deutsche Bank’s Mathew Kathayanat and Jie Yi Lee argue that DLT's high-profile failures don't mean the technology is dead. Now that the hype has died down, the path is cleared for more measured decisions about DLT’s applications.
‘Very careful thought’: T+1 will introduce costs, complexities for ETF traders
When the US moves to T+1 at the end of May 2024, firms trading ETFs will need to automate their workflows as much as possible to avoid "settlement misalignment" and additional costs.
Waters Wrap: Examining the changing EMS landscape
After LSEG’s decision to sunset Redi, Anthony examines what might lie ahead for the EMS space.
Most read
- Sell-Side Technology Awards 2024: All the winners
- Sell-Side Technology Awards 2024: Best sell-side front-office platform—Bloomberg
- Deutsche Börse democratizes data with Marketplace offering