The Turquoise member base has expanded more than 25% in the last six months, and the new fee programmes are designed to encourage additional firms to benefit from the significant price improvement achieved with non-displayed order types.

The tariff reductions comprise:

• A reduced tariff of 0.3bps for all members executing non-displayed orders on the Midpoint and Integrated Books, effective from 1 October 2009 until 31 December 2009.
• A two month fee waiver for new members* executing non-displayed orders on the Midpoint and Integrated Books of the Turquoise MTF.
• A two month fee waiver for new clients on TQ Lens. **

Eli Lederman, Turquoise Chief Executive, commented: "Differentiated value, for the trader and the end client, is at the core of Turquoise's proposition. In its first month of operation, TQ Lens has already achieved price improvements averaging ~5 basis points for existing members and alongside our Midpoint and Integrated Books, provides access to substantial liquidity at reduced levels of market impact.

"This initiative will encourage new and existing members to seize the opportunities that provided by our range of non-displayed execution services, and will ensure Turquoise continues to deliver a better, more efficient and more effective way of trading European equities."

* New members include those who commence trading between 1 October 2009 and 31 December 2009, and any existing members who have traded less than €5mill of non-displayed orders in these books to date

** The waiver applies to a maximum total executed value of €1.5bn over the two month period, and applies to clients who commence trading on TQ Lens between 1 October 2009 and 31 December 2009.