Turquoise exceeds forecasts with five per cent share
10 November 2008 | 10403 views | 0
Bank-backed trading network Turquoise claims to have hit its year-end forecasts two months early by achieving five per cent market share in the 310 stocks traded across its platform.
The pan-European multilateral trading facility, which launched in late August, says it now accounts for 5.2% of trading in FTSE100 stocks and 5.4% in German DAX equities.
Turquoise offers an open order book backed by a dark pool network for large volume block trading.
In a letter to shareholders, Turquoise CEO Eli Lederman pointed to "record volumes" in the Turquoise dark market and said the overall targets had been reached in a "very difficult market environment".
Turquoise is one of a clutch of new entrants to European share trading, battling to capture market share off incumbent venues. Chi-X, which benefited from first mover advantage when it launched 17 months ago, moved into profitability for the first time in September, after claiming 20% of European stocks.