Turquoise expands dark trading offer with Level Markets connection
LSEG today announces the launch of a partnership between its pan-European trading platform Turquoise and US-based trading marketplace LeveL Markets, which operates the Luminex platform. Under the partnership, Turquoise will offer a new block Manual Conditional Order Type to buy-side and nominated broker members.
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The new order type will be accessible to buy-side trading desks through Luminex’s GUI and connects to nominated brokers on the Turquoise Plato Block Discovery™ trading service (MICs: TRQM and TQEM).
Benefiting from Turquoise’s pan-European presence and award-winning block trading services alongside Luminex’s technology capabilities and extensive buy-side network, the Manual Conditional Order Type enables trading participants to have greater control over their larger block orders and to seek liquidity with reduced market impact by self-directing orders to Turquoise, allowing buy-side firms to find both buy-side and sell-side counterparties. The new offering is expected to go live in H2 2025, subject to regulatory approval.
Adam Wood, CEO, Turquoise Global, said:
“We are delighted to partner with LeveL Markets to expand our dark trading offering on Turquoise and to launch our new solution for large block trading. This further underlines our commitment to providing our members with diverse sources of liquidity and working with the market to deliver increased efficiencies and functionality across our equity trading services.”
Steve Miele, CEO, LeveL Markets, LLC, said:
“With the launch of this exciting partnership with Turquoise, we are able to further deliver on our purpose to satisfy the liquidity needs of buy-side firms. Through our trading solutions and Turquoise’s new block Manual Conditional Order Type, this collaboration will enable users to source further block liquidity while reducing market impact.”