Value traded on Turquoise Plato up 25% in September post rebrand
Turquoise reported that its rebranded Turquoise Plato saw the value traded on its block trading platform rise 25% to €702m ($769m) in September. While total activity levels on other order book mechanisms declined since June, Turquoise's volumes remained around June levels, said CEO Robert Barnes, who added that the firm intends to continue to broaden its membership and innovate with customers.

Turquoise has revealed its Block Discovery service has traded €6 billion since its launch in October 2014, although a third of that total value has traded since September this year.

Turquoise rebranded its block trading and uncross services in September under the new name ‘Turquoise Plato’, as part of an agreement with Plato Partnership.

The rebrand saw Turquoise Block Discovery and Turquoise Uncross renamed as Turquoise Plato Block Discovery and Turquoise Plato Uncross respectively.

Since the announcement, Turquoise Plato has seen a surge in activity on its block trading platform, with four of the five top trades occurring immediately after the rebrand.

Turquoise Plato Block Discovery has reported value traded surged 25% in September, reaching €702 million compared to €563 million the previous month.

Speaking to The TRADE, chief executive officer of Turquoise, Robert Barnes, said: “While every other order book mechanism has seen the total activity decline since June this year, we are very pleased - and thank our customers - that every month since that, volumes have been above June’s activity levels.”

It’s possible the surge in activity could be related to the end of the summer period or an increase in investor confidence in the fallout since the EU referendum was announced.

However, Barnes explained since September, Turquoise Plato has a €300,000 per trade average and many examples of multi-million euro individual ticket sizes.

“We want to continue our approach which has been to raise our visibility, to widen our membership and to continue to innovate with customers,” he added.