London Stock Exchange

Turquoise

Turquoise operates a multilateral trading facility (MTF) with two trading platforms; a cash equities platform and a derivatives platform, offering secondary trading of Pan-European and U.S. equities, ETFs, Global Depository Receipts (GDRs), Exchange Traded Currency funds and Exchange Traded Commodity funds through the Turquoise Equities (TQ Equities) platform, and trading of single stock, index and dividend derivatives on Pan-European and International Order Book (IOB) equities through the Turquoise Derivatives (TQ Derivatives) platform.

Turquoise Global Holdings Limited (THGL) is majority owned by the London Stock Exchange Group (LSEG). The Turquoise trading platforms are hosted in data centers of the LSEG. The platform was created in 2008 to encourage greater competition while reducing exchange trading costs in the secondary trading of pan-European equities.

The Turquoise trading system is powered by technology provided by Millennium IT, a subsidiary of the LSEG, connecting participants to Turquoise and other LSEG markets through the Millennium Exchange trading platform.

TQ Equities combines two discrete order books, TQ Integrated Order Book (TQ Integrated), a visible order book with dark, hidden order functionality, and TQ Midpoint Dark Order Book (TQ Dark), an independent public MTF dark book.

TQ Integrated offers a maker-taker pricing model, providing members with rebates for passive orders and charging fees for liquidity-taking orders. Orders are executed on a price, display type, and time priority basis. TQ Dark orders are executed on a size priority basis to encourage improved fill rates on larger block orders and attract institutional order flow.

TQ Equities supports a four-way interoperable clearing model for trading in pan European equities, providing participants with the choice of EuroCCP, LCH.Clearnet, EMCF and x-clear for the clearing of most products. Spanish, U.S. and ETF products are cleared by EuroCCP only.

TQ Derivatives offers trading in international derivatives, including on-screen and flexible trading in futures and options on the FTSE100, Depository Receipts (DRs) listed on LSE's IOB, the FTSE Russia IOB, and Russian DRs trading on the LSE IOB. Additionally, a fully linked trading and clearing model allows TQ Derivatives participants to trade Norwegian equity derivatives products with the Nordic domestic customer base of Oslo Børs. TQ Derivatives is powered by the SOLA© matching engine. Orders are cleared through LCH Clearnet.