The liquidity partners are CA Cheuvreux, Citadel Securities, Citi, Deutsche Bank, Merrill Lynch International, a subsidiary of Bank of America Corporation, and Nomura with further partners to follow in the coming months.

Turquoise has developed a range of algorithms which will enable members to access networks of connected liquidity partners. The launch will see the introduction of the first two networks, 'Block' and 'Flow,' which will offer centralised, anonymous access to leading European trading firms, enabling improved execution prices and maximising the likelihood of trade execution whilst taking advantage of low cost and efficient clearing and settlement through EuroCCP.

The use of non-displayed liquidity is widely recognised as a way of achieving higher fill rates and best execution, particularly for large orders and when trading in less liquid stocks. However much of this liquidity is currently fragmented across different sources and difficult to access in an effective and cost-efficient manner.

Eli Lederman, Turquoise Chief Executive, commented: "The response to our liquidity aggregation service has been extremely encouraging, which reflects the genuine need traders have for access to non-displayed liquidity. This new service will provide our members with a sophisticated interface to leading trading firms in Europe. We are pleased that members will benefit from the considerable liquidity these firms offer. By combining them, the service delivers both greater liquidity and higher execution rates.

"Turquoise has been committed to providing innovative services since launch. This is the first service of its kind in Europe and represents a significant development in the quality, efficiency and cost-effectiveness of equities trading in the region. We are looking forward to working with our six liquidity providers and welcoming further liquidity partners over time."

Yvonne Hansmann, Head of EMEAA Execution Sales, Bank of America Merrill Lynch, said: "This is a very encouraging development by Turquoise. Having a single point of access to non-displayed liquidity from six major providers is definitely a step in the right direction in the drive to harness fragmented liquidity. As such, Bank of America Merrill Lynch is fully committed to this initiative and we intend to have our liquidity searching algorithm Block Seeker connected as soon as this service is launched."

Bertrand Patillet, Executive Vice President, CA Cheuvreux commented: "Being part of the first non-displayed liquidity aggregation service to be launched in Europe, and offering our clients the opportunity to access innovative liquidity sources, gives us great pleasure and coincides with our ambition to be a benchmark player in best execution. As clients become more agile at segmenting and representing their flow into the market, we, as a full service global broker, need to offer them choice to execute their investment objectives in the best possible conditions."