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TQ Dark Midpoint Order Book

Choose the flow you interact with
Turquoise Dark Midpoint Book is the only independent public MTF dark book which allows participants full discretion on whether to match against all available flow in continuous trading, or to opt out of interaction with immediacy seeking latency-sensitive flow by selecting to only trade during random periodic uncrosses. This feature makes TQ Dark a trusted venue for larger, sensitive orders. Random periodic uncrosses for individual securities take place anywhere between 5 and 45 seconds throughout the trading day, with the frequency is determined by the liquidity of the stock. A number of brokers offer a discreet "periodic uncross only" order type, providing their clients with direct access to this pool of "patient" liquidity within TQ Dark.
Benefit from size priority in the matching logic
All orders are prioritized by size first, which leads to improved fill rates for larger block orders and reduces the impact of interacting with smaller orders, therefore enhancing the attractiveness of TQ Dark for institutional flow. Average trade sizes are significantly higher in the random periodic uncross than during continuous trading and can be as high as €100,000.
Trade larger and reduce your costs
Participants can define their own Minimum Execution Size (MES), and each individual trade must match or exceed the MES, so you’re guaranteed not to get trades in smaller size. This eliminates post trade inefficiencies of being multi-filled and helps reduce the end to end cost of trading. Combined with the random periodic uncross and size priority in the matching logic, this provides further control over the type of liquidity with which participants interact. Participants can define whether the MES remains in force for the lifetime of the order or just for the first fill.
Contact
Tel: +44 (0) 20 7382 7650 Email: tradebrighter@tradeturquoise.com
Register
Register here if you would like any further information on TQ Dark Midpoint Order Book or further information on Turquoise products.

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