Turquoise to launch US equity trading

Turquoise has announced that it is to expand its trading services into US securities, leveraging the relationship between Euro CPP and DTCC.

The move will make Turquoise the first European multilateral trading facility (MTF) to offer trading during European trading hours of US-listed equities, ETFs and ADRs alongside pan-European trading in 19 markets.

From 23rd April, Turquoise will offer trading in 175 of the most liquid US equities, ADRs and ETFs.  The list of ETFs includes the world's most heavily traded securities such as ‘long' and ‘short' ETFs based on S&P500 and NASDAQ100 indices, S&P industry groups, and  MSCI country & regional indices.  The list of equities includes major household names, particularly from the financial, resources and technology sectors, such as Citigroup, Apple, and Alcoa. ADRs based upon key European names such as BP and Vodafone are also included.

Trading will be in US dollars, with clearing through Euro CCP and settlement in DTC. The trading service will be free for three months, with a maker-taker basis points tariff introduced thereafter. Turquoise is working with Euro CCP and with its GCMs (list at tradeturquoise.com/tq_clearing.shtml) to ensure their readiness to provide services to the Turquoise customer base, enabling strong support from the outset.

David Lester, CEO of Turquoise, said: "Turquoise is leading the European marketplace by offering trading in US equities, ADRs and ETFs on a platform that supports truly pan-European trading.  Trading US securities on Turquoise during European market hours will create new trading opportunities for market makers, spread betting firms, proprietary trading firms and arbitrageurs, and will build a pool of liquidity that institutional brokers can leverage for the benefit of their customers. 

"We will continue to broaden and deepen our service offering to attract new participants and deliver more value to existing members. This initiative, combined with the recent additions of Hungarian and Czech securities, commodity ETFs and currency ETFs, is growing our participant community and contributing to the growth of our integrated and midpoint order books."

A list of the US securities available for trading on Turquoise will be posted here: tradeturquoise.com/tq_newproducts_services.shtml