LONDON – Trading platform Turquoise suffered a disruption to trading on Monday when problems with its firewall stopped trades, only three weeks into the alternative equities platform’s phased launch.
A number of these technologically advanced multilateral trading facilities are due to launch in Europe over the next three months. The alternative platforms for equities aim to attract high-frequency algorithmic traders.
Such customers demand trading and back-office systems to handle multiple orders simultaneously, with minimum latency. Turquoise started offering a small number of UK and German shares, expanding to a full range of 1,266 stocks by August 29. Despite the setback, Turquoise claims the platform is still on track.
Eli Lederman, Turquoise’s chief executive, says: “Certainly we wish it hadn’t happened, but we have been analysing what happened and we’re confident that we will be fine. We are working to make improvements.”
The week in Risk.net, May 19-25 2017Receive this by email