“Dark and visible.”
“Platitude AND paradox.”
More bad news for the LSE.
Turquoise continues its ineluctable rise to dark-pooldom; winning regulatory approval on Monday from the FSA. (Due to launch August).
A ‘MiFID passport’ has also been granted allowing Turquoise to offer trading services directly to firms located in each of the EEA countries.
Trading will begin on a limited basis in August with the rollout of trading completing in early September. Turquoise’s sophisticated trading system combines rich functionality with high performance. Turquoise’s unique market model integrates a dark pool and visible order book, taking advantage of crossing opportunities between the two.
An utterly confusing flash graphic explains it all here.
The LSE meanwhile, was trading down 2.98% as of 10:44BST on Monday. The exchange has its own counter to Turquoise: Baikal, which is supposedly all the better than Turquoise for its algorithmic trading technology provided by Lehman brothers. The jury is still out on that. Wry comment though, from the Telegraph:
To demonstrate just how sophisticated and deep the new “multilateral trading facility” will be, it has been christened Baikal, after the deepest freshwater lake in the world, in Siberia.
Now, if the idea was to create the impression of tranquil purity and substance, the bosses had obviously never read this Greenpeace report: “Baikal water quality is deteriorating: toxic substances continue to accumulate in the food chain; numbers of a particular type of zooplankton, seals and several types of fish are in decline; phytoplankton species composition is changing and its biomass is increasing.”
Related links
LSE takes the plunge into dark pool – FT Lombard