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August 4, 2016

Turquoise Swipes Market Share Amid Dark Order Surge

Alaric Securities

 LSE reports successful half-year results, as Turquoise dark order book value climbs 40%.

The London Stock Exchange’s (LSE) Turquoise reported a further increase in market share, as its dark order book value traded surged 40% in the first half of this year.

The pan-European trading venue’s market share climbed to 12% in June, up from just over 7% in summer last year.

Turquoise Midpoint dark order book value traded increased from €60 billion in the first six months of 2015, to a significant €85 billion in the same period this year.

Chief executive officer, Xavier Rolet, explained on LSE‘s earnings call that the launch of Turquoise Block Discovery at the end of 2014, led to a huge uptake in its dark pool.

He added that the gains in market share were evident in its lit market from 2010, following a change in management and overall product update.

Turquoise Block Discovery had a record first half of the year, with value traded totalling over €140 billion, and the average trade size being 20 times the industry dark pool average.

Rolet said on the earnings call that Block Discovery is a “successful, true block trading venue”.

Turquoise integrated lit order book also reported a fruitful first six months of 2016, with value traded up 32% compared to the same period in 2015.

LSE gave no further updates on the potential merger with Deutsche Boerse, but confirmed competition documents will be filed “in due course”.

Rolet also shrugged off Brexit, explaining that the LSE has operations all over the Eurozone and the US and so would not need to migrate in the aftermath of the EU referendum.

LSE saw growth across all businesses in the first half of this year, adding that its LCH Spider platform has a “good pipeline”, although gave no update on product launches for CurveGlobal.

Article and media originally published by Hayley McDowell at