We had a productive and successful first full week of trading. As expected, overall volumes were low as people connected and tested the waters; still, we’re pleased that every day surpassed the one before it in number of orders, executions and notional value. We had executions in the visible and dark, and we had visible vs. dark crosses.

At points during the days we had 2, 3 and 4% market share in some names where members were market-making, which bodes well for the time when market-making will be broader-based and deeper.

France and Netherlands (added Wednesday) will settle Monday, and Thursday and Friday’s added markets will settle later next week. We would expect UK Bank Holiday Monday to be very slow, but for volumes to pick up again as markets settle without event. As of today, we are trading in all 13 countries, with 5 stocks in each, as planned. On next Friday we will open the whole market of 1267 stocks.

The Turquoise market and all associated technology operated smoothly, and support, surveillance, compliance, post-trade and financial processes benefited from the week’s burn-in. We have more than 20 members trading actively and are on track for 50 in September.

Overall, we are happy to report that everything remains on course, and that Turquoise will soon deliver on its promise to provide a valuable, new trading service to its Community of members.

Hope this encourages you as much as it does the team here. Thank you again for your support, and Best Wishes for the weekend,

Eli