![Risk.net](https://www.risk.net/sites/default/files/styles/print_logo/public/2018-09/print-logo.png?itok=1TpHrpuP)
Turquoise ready for take-off
The pan-European MTF is set to launch
LONDON – Turquoise, the pan-European cash equity multilateral trading facility (MTF), will be formally launched by the European Central Counterparty (EuroCCP) on Friday August 15. It will launch with an initial coverage of 10 major British and German stocks. EuroCCP will deliver a clearing and settlement solution on a single platform with Citi's global transaction services business as its settlement agent, and BT Global Financial Services will host the platform.
Turquoise is a collaboration between Depository Trust & Clearing Corporation (DTCC) subsidiary EuroCCP and nine founding firms – Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citi, UBS, BNP Paribas and Société Générale. Other participants include ABN Amro, Barclays, Crédit Agricole, Instinet, KAS and Lehman Brothers. Six firms are general clearing participants who will clear and settle trades for others, the rest are individual clearing participants who only clear and settle trades they execute.
"The Markets in Financial Instruments Directive and the Code of Conduct have been successful in unleashing competitive market forces and providing pricing transparency," says Diana Chan, chief executive officer of EuroCCP. "Since the European authorities announced their intention to allow new entrants for trading and clearing securities, established markets and central counterparties have slashed their fee structures – and more can be expected. We are committed to leading the way by being the low-cost, pan-European clearing and settlement provider to multilateral trading facilities as well as exchanges, offering them unparalleled efficiency, capacity, safety and business resiliency.”
Turquoise is expected to be in full production by September 5, trading in 1,300 equity issues across 13 European markets in seven different currencies. Institutions such as the London Stock Exchange, with whom Turquoise will now compete for business, have announced a cut in fees of 10%.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-digital.com/terms-and-conditions/subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-digital.com/terms-and-conditions/subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
EU banks hedge net interest income to pass new IRRBB test
Would-be outliers look to cut sensitivity of cashflows to rate moves, but at what cost?
Banks cry foul over shock decision from Basel Committee
Asset and liability management professionals question severity of criteria in revised IRRBB tests
Fresh EU push for single securities supervisor to compete with US
But MEP expresses ‘concern’ EU nations will stall revival of capital markets union
Discord deepens over fund-linked trades in FRTB
More banks use punitive approach to capital treatment under new trading book regime, irking regulators
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
Could the SEC revive the private fund adviser rule?
Industry experts deem a second life for the reviled rule unlikely
Vendors lack silver bullet for FRTB’s fund-linked issue
EU and UK legislators tried to ease capital charge by leaning on vendors, but problems persist
Does Basel’s internal loss multiplier add up?
As US agencies mull capital reforms, one regulator questions past losses as an indicator of future op risk