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Plato Partnership Newsletter October 2020

Turquoise Plato Trade At Last™

Ahead of the launch of Turquoise Plato Trade at Last™ on October 19th, Scott Bradley, Head of Sales and Business Development, London Stock Exchange Secondary Markets and Turquoise, sets out the opportunities it presents for investors.

“We are excited about the launch of Turquoise Plato Trade At Last™ on October 19th, 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 across all 17 EU markets covered by Turquoise Plato®).

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 fully dark and undisclosed service which complements existing end of day processes.   This is a new and different offering to those which exist currently on European lit venues, including Primary Market trade at last (TAL) functionality. Turquoise Plato Trade At Last™ can be considered an extension to the Turquoise Plato® service.”

Read the full article 

2020 Plato Market Innovator (MI3) Conference
The 2020 Plato MI3 conference took place as a two day online event on 23rd and 24th September. Respected academics from universities across the world presented a number of papers on the most current trends and topics affecting market participants in Europe.

Plato believes that it is important to take a truly collaborative approach to enhance the reputation of equity markets, and improve the experience of market participants. The input of academia is crucial in helping policymakers make more informed decisions, and this is at the heart of MI3.

At the end of the conference, Samarpan Nawn was announced as the winner of the Best Paper Award for Order Exposure in High Frequency Markets. The paper was co-authored by Bidisha Chakrabarty, Terrence Hendershott, and Roberto Pascual. Thomas Ernst won the Best Paper by a Young Researcher award for Stock-Specific Price Discovery From ETFs. Congratulations to all.

If you missed any of the sessions, videos from the conference are available on the Plato website now, along with copies of each of the papers here or at the links below.

Trading Fees and Intermarket Competition

Informed Traders and Dealers in the FX Forward Market

Stock-Specific Price Discovery from ETFs

Order Exposure in High Frequency Markets

Strategic Trading as Response to Short Sellers

The Rise of ETF Trading and the Bifurcation of Liquidity

Cross-Venue Liquidity Provision: High Frequency Trading and Ghost Liquidity