To Members of the Turquoise Community,
Today marks an important day for Turquoise, as we announce the completion of our planned rollout phase and the start of our next phase in business development.
At 8 a.m. this morning, we formally opened Turquoise by ringing our bell, cast for us nearby at Whitechapel Bell Foundry, England’s oldest continuously operated manufacturing company. At Turquoise, we care about tradition, deeply, and believe the Turquoise Bell sends the message that, like the great stock exchanges in history, we’re committed to integrity, stability and longevity. And we’re off to a solid start.
From 15th of August when we started with ten stocks from two countries, we began a rapid, controlled introduction of Turquoise, taking care that members had time to adopt the platform and that we successfully integrated with clearing and settlement, market data and other technical components of trading infrastructure. In just over a month now, we have added members, market-making, eleven more countries and trading in just under 1300 stocks. Everything has gone according to plan.
We’ve had steady growth in the marketplace, regularly executing €1-2 billion per day, and accounting for more than 2% of trading in the 270 most liquid stocks in our coverage area, and more than 5% market share in 90+ stocks. We feel that we’ve just started, and expect rapid growth in the coming weeks and months. From today, you will find real-time Turquoise market data, free of charge, on our website
(www.tradeturquoise.com), and you’ll be able to follow our progress in developing the market.
We’re pleased to report feedback from members that our technical performance is as good or better than competitors’, and that members have begun to use the differentiated functionality of Turquoise’s integrated and dark market segments, and to benefit from price improvement. And we have lots more to do to fulfil all our promise.
In the exceptionally difficult circumstances of the current economic environment, not to mention for stock trading, all of us at Turquoise appreciate your attention and support over the last several months, and we look forward to working with you in this new phase of our company. We hope you enjoy our marketing campaign, starting today, “Europe’s turning Turquoise”, and that it reminds you that we’re working here to improve trading, and that we’re here to serve for a long time to come.
Eli
