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Turquoise exceeds forecasts with five per cent share

10 November 2008  |  10506 views  |  0 stock quote

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.

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