Turquoise and Plato Partnership have made the decision to bring their commercial relationship to a close in 2025.
The pair have been in partnership since 2016. The deal brought the newly rebranded Turquoise Plato to market with the aim of developing efficiencies in the European equities block trading space.
The reason behind the termination is unconfirmed. Plato and Turquoise declined to comment beyond their provided statements.
“Plato Partnership and Turquoise have worked together to drive innovation and positive change within the equities marketplace,” said Mike Bellaro, chief executive of Plato Partnership in a statement on Thursday.
“Though our commercial partnership has come to an end, the collaboration has achieved positive change in block trading and market efficiency.”
Under the umbrella of the partnership, Turquoise Plato Block Discovery won The TRADE’s award for Outstanding Block Trading venue at Leaders in Trading in 2017.
In the same year it launched Turquoise Plato Lit Auctions.
Adam Wood, CEO of Turquoise Global, LSE said in a statement: “We thank Plato for a successful partnership that has helped bring efficiencies to the European equities market. Turquoise will continue to engage closely with the buy-side and sell-side to develop best practice guidance and deliver increased efficiencies in anonymous European equity block trading.”
Several years after its initial agreement, Turquoise Plato launched its Trade At Last functionality in 2020 which allows traders to submit firm and conditional orders for an additional ten minutes after the closing auction has completed its price formation process and published the official closing price at 4.35 pm.
“As a buy-side participant, I have seen first-hand the progress made through our partnership with Turquoise. Together, they have made great progress in block trading, enhancing liquidity and trading opportunities for the buy-side community,” said Simon Steward, buy-side chair of Plato Partnership, in a statement on Thursday.
“Plato will continue to champion initiatives that meet the evolving needs of buy-side participants, ensuring that our market remains dynamic and efficient. Our ongoing projects, such as addressing high market data costs and exploring innovative US trading mechanisms in Europe, will continue to drive our mission forward.”