Turquoise, the pan-European MTF, today announced that TQ Lens, its unique liquidity aggregation and order routing service, has been extended to include UK stocks.
Launched in August 2009, TQ Lens routes and distributes non-displayed orders to networks of connected liquidity partners, which include Bank of America Merrill Lynch, CA Cheuvreux, Citadel Securities, Citi, Deutsche Bank, and Nomura, whilst also providing access to the liquidity of non-displayed MTFs.
This extension of TQ Lens, which was achieved in the same week as the acquisition of Turquoise by the London Stock Exchange Group, enables members to trade UK listed securities in the same way as stocks from 16 other main European markets, gaining centralised, neutral and anonymous access to significant sources of non-displayed liquidity and achieving improved execution rates across approximately 1700 securities. A fully risk-managed clearing solution is provided by EuroCCP.
David Lester, Turquoise Chief Executive Officer, commented: "TQ Lens represents an innovative solution to the fragmentation of non-displayed liquidity. Since its launch, members have experienced excellent execution quality and achieved average price improvements of more than 6 bps, whilst trading in an anonymous manner and providing the market with immediate post-trade transparency. Turquoise has worked to extend these benefits to UK stocks as part of our commitment to improving the quality, efficiency and cost-effectiveness of equities trading, and we expect the service to appeal even more strongly to new and existing members as a result."