Turquoise, the multi-lateral trading facility established by nine leading European investment banks, today announced that it will use The Transaction Auditing Group Inc.'s (TAG) best execution expertise to provide them with independent daily execution performance measurements.
The Turquoise platform, on schedule to launch in early September, will be providing participants with rich trading functionality from day one, with a critical mass of natural liquidity that every trader will need to access. TAG has developed tools to provide independent measurement of a trading platform's best execution performance for broker dealers and the buy-side, so providing vital information that is becoming a "must have" in a fragmented market.
Yann L'Huillier, the Turquoise Chief Technology Officer, comments: "Partnering with TAG will help us to provide further analytical value to our participants as they benefit from the combination of low latency with high quality execution performance of Turquoise once it launches in early September. We are very pleased that TAG can meet Turquoise's high standard for independent, comprehensive execution analysis by including their custom performance benchmarks."
Christophe Dacre-Wright, Chief Executive Officer of TAG, adds: "As an innovative and transformational trading platform, we are looking forward to working closely with Turquoise. TAG is eager to report to the participants on how Turquoise's sophisticated trading system and unique market model will have delivered frequent price improvement and crossing opportunities."