Venue data

Q1 2020

Turquoise Plato Lit Auctions™    our pre-trade transparent Frequent Batch Auctions

  • Q1 2020 is new quarterly record € 4.29 billion (+51% more vs prior record € 3.42 billion Q3 2018)
  • March 2020 is new monthly record € 2.30 billion (+51% more vs prior record € 1.34 billion Feb 2020)
  • 09 March 2020 is new daily record  €155.51 million (+31% more than prior record €118.61 million on 28 Feb 2020)

Turquoise Plato™    our midpoint dark order book featuring continuous trading and Turquoise Plato Uncross™ in which trades match for Turquoise Plato Block Discovery™

  • Q1 2020 is new quarterly record € 79.8 billion (+22% more vs prior record € 65.2 billion Q1 2018)
  • March 2020 is new monthly record € 33.9 billion (+37% more vs prior record € 24.7 billion Feb 2020
  • of which Turquoise Plato Block Discovery™ € 19.3 billion is 57% Turquoise Plato™ value: majority (57%) of midpoint dark value traded as blocks highlights how industry behaviour has changed to embrace conditional workflow, see Table 1 to compare with just 3% in 2016 day after Brexit vote:

Table 1. Market has evolved – Larger sizes now can trade during Days of High Activity*

                                                                                             09 Mar 20           28 Feb 20             24 Jun 16

Turquoise Plato™ Overall ~ € 2.1 bn each                      €2087.6 m           €2080.8 m           €2133.3 m

€  via Turquoise Plato Block Discovery™                         €1226.8 m           €1144.8 m           €    70.9 m

% via Turquoise Plato Block Discovery™                                59%                      55%                      3%

* Days of High Activity now feature more via Turquoise Plato Block Discovery™

  Coronavirus, market sell-off, Black Monday 2020            09 Mar 2020       € 1226.8 m

  Coronavirus, market sell-off, MSCI rebalancing                28 Feb 2020        € 1144.8 m

  Day after UK Referendum vote for Brexit                            24 Jun 2016         €    70.9 m

Turquoise Plato Block Discovery™ – our fully automated conditional order flow mechanism, reputationally scored, for electronic block trades matching at midpoint

  • Turquoise Plato Block Discovery™ Record Quarterly value traded of € 46.1 billion in Q1 2020 (+87% higher than prior record Q1 2019 € 24.7 billion)
  • Turquoise Plato Block Discovery™ Record monthly value traded of € 19.3 billion (+33% higher than prior monthly record: € 14.6 billion February 2020)
  • Turquoise Plato Block Discovery™ Record weekly value traded resulting from Turquoise Plato Block Discovery™ of €5.35 billion in week ending 13 March 2020 (+18% higher than prior weekly record: €4.54 billion in week ending 28 February 2020).
  • Turquoise Plato Block Discovery™ Record day by value traded of €1,227 million on 9 March 2020 (+7% higher than prior daily record: €1,145 million on 28 February 2020), and this represented 59% of total Turquoise Plato™ dark order book activity which compares with 3% on 24 June 2016 which also recorded a similar €2.1bn Turquoise Plato™ in a single day.

Q1 and March 2020 featured high market volatility and high turnover

The key insights from empirical data beyond that markets tend to have higher trading volumes on days with higher volatility are:

Industry Behaviour has Changed: Conditional orders today in 2020 routinely are used for effective electronic block trading, and the Industry today can trade blocks on order book, including Days of High Activity, whereas in 2016 almost all orders matched at midpoint were much smaller size. See Table 1.

Top 3 single trade sizes matched on order book via Turquoise fully automated workflow occurred in Q1 2020

  • 19 Feb 2020                                = €23.1 millions
  • 18 Mar 2020                               = €22.6 millions
  • 25 Feb 2020                                = €22.1 millions


March 2020

Turquoise Plato™ Monthly value traded equalled €33.9bn in March 2020, of which 57% via Turquoise Plato Block Discovery™

New Records:

Turquoise Plato Block Discovery™:

  • Turquoise Plato Block Discovery™ Record day by value traded resulting from Turquoise Plato Block Discovery™ of €1,226.8mn on 9th March 2020 (+7% higher than previous daily record: €1,144.8mn on 28th February 2020)
  • Turquoise Plato Block Discovery™ Record weekly value traded resulting from Turquoise Plato Block Discovery™ of €5,346.4mn in week ending 13th March 2020 (+18% higher than previous weekly record: €4,541.1mn in week ending 28th February 2020).
  • Turquoise Plato Block Discovery™ record month by value traded with €19,330.0mn traded in March 2020 (+33% higher than previous monthly record: €14,569.9mn  in February 2020)

Turquoise Plato Lit Auctions™:

  • Turquoise Plato Lit Auctions™ Record day by value traded of €155.5mn on 9th March 2020 (+31% higher than previous daily record: €118.6mn on 28th February 2020)
  • Turquoise Plato Lit Auctions™ record month by value traded with €2,030.1mn traded in March 2020 (+51% higher than previous monthly record: €1,343.3mn in February 2020)

Turquoise Plato Block Discovery™ maximum trade size for all trades in March 2020 was €22.6mn
Turquoise Plato Block Discovery™ average trade size for MiFID II ESMA Band 8 and 9 blue chips above LIS was €1.4mn in March 2020

Turquoise Plato Block Discovery™ 
average trade size for all trades in March 2020 was €451.8K

Turquoise Plato Block Discovery™ €305.3bn matched since 2014 launch to end-March 2020 of which €301.2bn or 99% traded since September 2016 cooperation announced with Plato Partnership.

Turquoise Plato Lit Auctions™

Industry leading quality of execution evidenced by independent performance analytic firm big xyt

Unique liquidity available

  • in UK and European symbols
  • in UK AIM Securities
  • in International Order Book segment, including Shanghai Segment of IOB, e.g. Huatai Securities = the first issuance via Shanghai-London Stock Connect

Turquoise Plato Lit Auctions™ euro value traded in March 2020 totalled €2,030.1mn (+51% from February 2020)

Turquoise Plato Lit Auctions™ is truly multilateral in nature, looking at March data, only 0.02% of total activity occurred when the same counterparty was on both sides, both orders were received within 100ms AND the order sizes were the same on both the buy and sell.

Q1 2020:

Turquoise Plato™ value traded up 46.2% YoY (vs Q1 2019) at €79.8bn

Turquoise Plato Lit Auctions™ value traded up 111.7% YoY (vs Q1 2019) at €4.2bn

Turquoise Plato Block Discovery™ value traded up 87.0% YoY (vs Q1 2019) at €46.1bn