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Plato Partnership Newsletter June 2020

Turquoise Plato Trade at Last

At last an opportunity to capture that all important close price utilising the Turquoise Plato™ dark trading service you already value and use today…

Plato Partnership are excited to announce that Turquoise Plato Trade at Last™, our new collaborative product with Turquoise, is set to go live this summer. Turquoise Plato Trade at Last™ will allow market participants to proactively search for liquidity within Turquoise Plato™.

Mike Bellaro, CEO, Plato Partnership:
“We are delighted to announce the launch of Turquoise Plato Trade at Last™. Our ongoing collaboration with Turquoise is the most important relationship for Plato Partnership. Now more than ever, and in spite of the strain placed on all of us during the COVID-19 pandemic, Turquoise and Plato share a commitment to bringing new innovations to the table as we continue to work towards a more efficient, innovative marketplace for all its participants.”

Scott Bradley, Head of Sales and Business Development, Turquoise and London Stock Exchange, LSEG:
“We are excited about Turquoise Plato Trade At Last™, our latest innovation in partnership with Plato. 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. 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 award winning mid-point dark block liquidity during continuous trading, the Turquoise Plato Trade At Last™ will simply reference the close price instead.

Access to the service is automatically provided through existing connections to Turquoise Plato™ and the MIC code (TRQM) remains the same, thereby requiring little or no additional operational lift to onboard. Turquoise Plato Trade At Last™ provides 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.

This is a new and different offering to those which exist currently on lit venues offering Trade At Last functionality and can be considered an extension of the Turquoise Plato™ service. This can be especially useful if monitoring quality block executions coming back from Turquoise via Tag30 and Tag851 towards the end of the trading day…Turquoise Plato Trade At Last™ provides a unique service to capture additional opportunity, same day as soon as the closing price is known.”

 

GFA order type – enhancing the Turquoise Plato Lit Auctions™ opportunity

Adam Sherlock, Business Development Manager, Turquoise and London Stock Exchange, LSEG comments on the pending go-live of additional value-add functionality which is also due to be released this summer:

“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™ (TRQA MIC). When sent to Turquoise Plato Lit Auctions™, a GFA order will either trigger a new auction event or join a live ongoing auction if it meets with suitable contra-liquidity, if no suitable contra-liquidity is met it will be cancelled immediately back to the sender. Turquoise members, therefore, can use this new GFA order proactively to search for liquidity within Turquoise Plato Lit Auctions™ with absolute minimal latency, and subsequently an improved risk return profile when seeking unique liquidity across the European market landscape. The use of price limits when sending GFA orders further enhances the TRQA proposition as a highly efficient destination in the search for liquidity both at and away from midpoint. All that is required to access this functionality is a simple change in the Time In Force (TIF) from DAY to GFA.”