On 28th September 2021, Turquoise, LSEG’s (London Stock Exchange Group) global securities trading platform, has announced an expansion of its service with a newly enlarged US segment, with US shares now settling into DTC. This expansion will allow global investors to trade in a greater number of US stocks through one connection, alongside UK, Swiss and European securities.
Turquoise enables trading to take place during regular London trading hours, overlapping with Asian and US time zones, and making it easier for investors around the world to access a wider range of securities at a time that suits them. The platform will also offer an expanded universe of nearly 4,300 international securities, including 223 US blue chips, US ETFs and ADRs. Trading fees for US securities are being waived for members through the end of 2021.
The new offering improves access for investors in Asia and other geographies around the globe. Brokers will be able to send client orders in US equities from 15:00 in key Asia time zones for matching on Turquoise with fungible settlement in DTC via electronic STP.
Trades can take place between 08:00 and 16:30 UK time providing greater overlap with Asian and US trading hours. The securities are available on the Turquoise Lit Order Book (TRQX). Market, Limit, Iceberg and Hidden order types are supported. Traded US securities are cleared via LCH Limited’s Equity Clear, with fungible settlement into Depository Trust Company ‘DTC’ (the US Central Securities Depository CSD), which means investors can trade and manage their positions in one location.
Access to the new trading functionality is available to existing members of Turquoise by requesting access to US Market on their existing dashboard and is available from 5th October 2021. Non-members wishing to use this service can become a direct member of Turquoise with clearing and settlement arrangements in place or go through brokers with access to Turquoise. To support the trading of US securities, Turquoise expects liquidity providers to join the service in the coming months.
Securities of countries other than US that trade on Turquoise’s new expanded service also benefits from straight through processing to their respective settlement depository. For example, Swiss blue chips that trade on Turquoise will settle in SIX SIS, the national Central Securities Depository (CSD) of the Swiss financial market. International Order Book GDRs like Reliance Group of India and Samsung Securities of South Korea settle directly into Euroclear Bank. Turquoise offers investors the efficiency through a single connection access to a full value chain to trade a wide range of securities that seamlessly settle into the right destination among 21 country and international central securities depositories.
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