Plato Partnership, the not-for-profit member association at the forefront of driving innovation in the equities marketplace, and Turquoise, a pan-European trading platform majority owned by LSEG (London Stock Exchange Group), in partnership with the user community, have announced that their commercial partnership will conclude in 2025.
This decision marks the end of eight years of collaboration that has played a central role in advancing block trading and enhancing market efficiency across Europe.
While their commercial partnership has ended, Plato Partnership and Turquoise are committed to continuing their cooperation in the interests of the marketplace. Both organisations are dedicated to fostering a more efficient, transparent, and inclusive trading environment, ensuring ongoing benefits for all market participants.
Mike Bellaro, CEO of Plato Partnership said: "Plato Partnership and Turquoise have worked together to drive innovation and positive change within the equities marketplace. Though our commercial partnership has come to an end, the collaboration has achieved positive change in block trading and market efficiency. Plato remains committed to advancing these goals and will continue to work with Turquoise in the interests of the equity marketplace. We look forward to building on the strong foundation we have established and pursuing new opportunities for growth and development through our ongoing initiatives, including reducing market data costs, ECM electronic workflow and market outage standards."
Simon Steward, Buy-Side Chair of Plato Partnership said: "As a Buy-Side participant, I have seen firsthand the progress made through our partnership with Turquoise. Together, they have made great progress in block trading, enhancing liquidity and trading opportunities for the Buy-Side community. Plato will continue to champion initiatives that meet the evolving needs of buy-side participants, ensuring that our market remains dynamic and efficient. Our ongoing projects, such as addressing high market data costs and exploring innovative US trading mechanisms in Europe, will continue to drive our mission forward."
Salvador Rodriguez, Sell-Side Chair of Plato Partnership said: "The advancements made over the course of the Turquoise-Plato relationship have been valuable to the Sell-Side community, particularly in setting standards for market transparency and efficiency. Plato is dedicated to continuing its work and exploring new key initiatives, such as optimising primary exchange trading hours and improving the fragmented clearing environment. Our ongoing efforts will ensure that we keep delivering practical solutions that enhance the trading landscape for the Sell-Side community and beyond."
Adam Wood, CEO, Turquoise Global, LSE plc said: “We thank Plato for a successful partnership that has helped bring efficiencies to the European equities market. Turquoise will continue to engage closely with the buy-side and sell-side to develop best practice guidance and deliver increased efficiencies in anonymous European equity block trading.”