The London Stock Exchange (LSEG)’s pan-European trading platform, Turquoise, has partnered with US-based trading marketplace, LeveL Markets, to offer a new block manual condition order type to buy-side and nominated broker members.
Steve Miele
The move will allow buy-side trading desks to connect to nominated brokers on the Turquoise Plato Block Discovery trading service, providing increased control over block orders and self-directed orders to Turquoise and enhancing liquidity while reducing market impact.
The offering is set to go live in H2 2025, subject to regulatory approval, and will be made available through LeveL Markets’ platform, Luminex.
“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,” said chief executive of Turquoise Global, Adam Wood.
“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.”
Read more – Turquoise and Plato draw commercial partnership to a close
The Luminex platform aims to provide buy-side clients with an anonymous, non-quoted trading destination to source block liquidity while reducing market impact through its proprietary user interface.
Steve Miele, chief executive of 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.”
The new collaboration with LeveL Markets follows the end of Turquoise’s commercial relationship with Plato Partnership announced in July 2024, which had seen the pair working together to drive change in best practice guidance and deliver increased efficiencies in anonymous European equity block trading.