Turquoise Plato Trade at Last™
With Turquoise Plato Trade At Last™, 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 midpoint electronic block liquidity during continuous trading, Turquoise Plato Trade At Last™ simply will reference the close price instead of the mid-point of the Primary Best Bid and Offer.
Access to the service is automatically provided through existing connections to Turquoise Plato® and its same MIC code (TRQM), thereby requiring little or no additional operational effort to implement. Turquoise Plato Trade At Last™ provides a post-close liquidity opportunity without information leakage due to the nature of remaining a fully anonymous undisclosed service and complements end of day processes with a finish time of 16:45 (UK Time).
Turquoise Plato Trade At Last™ is a new and different offering to those Trade At Last functionalities currently existing on lit venues. Turquoise Plato Trade At Last™ is effectively an extension of Turquoise Plato® during a different time phase after the closing auction. 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.
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Turquoise Plato Lit Auctions™ Good-For-Auction Order
The GFA order brings frequent batch auctions into more agile, opportunistic and liquidity seeking routing logic whilst preserving the demonstrable execution quality associated with Turquoise Plato Lit Auctions™. 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. This increased efficiency in routing, effectively acting like an immediate-or-cancel order, allows brokers to now appropriately consider this liquidity channel into opportunistic and more aggressive routing behaviours.