Firewall halts trading on Turquoise
Daily news headlines
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.”
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