Turquoise enhances investor access to trade US shares with direct settlement into DTC
28 September 2021 UK
Image: QQ7/adobe.stock.com
The London Stock Exchange Group’s global securities trading platform Turquoise has expanded its service with a newly enlarged US segment, with US shares now settling into the Depository Trust Company (DTC), the US central securities depository.
This expansion will allow global investors to trade in a greater number of US stocks through one connection, alongside UK, Swiss and European securities.
Traded US securities cleared via LCH’s EquityClear, with fungible settlement into DTC, will allow investors to trade and manage their positions in one location.
According to Turquoise, 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 straight through processing.
The platform will also offer an expanded universe of nearly 4,300 international securities, including 223 US blue chips, US exchange traded funds and American depositary receipts.
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.
Commenting on the expansion, Robert Barnes, group head of securities trading and CEO of Turquoise, explains: “It will allow them to trade based on more information, at a greater speed and at a reduced cost than they have been able to before. The expansion also means the global investor community can trade on securities from nearly anywhere in the world at a time that suits them.”
“Using Turquoise an investor in Asia can trade a US stock like Apple from six and a half hours ahead of the US market open,” Barnes adds.
Access to the new trading functionality is available to existing members of Turquoise by requesting access to US Market on their existing dashboard, available from 5 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.
This expansion will allow global investors to trade in a greater number of US stocks through one connection, alongside UK, Swiss and European securities.
Traded US securities cleared via LCH’s EquityClear, with fungible settlement into DTC, will allow investors to trade and manage their positions in one location.
According to Turquoise, 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 straight through processing.
The platform will also offer an expanded universe of nearly 4,300 international securities, including 223 US blue chips, US exchange traded funds and American depositary receipts.
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.
Commenting on the expansion, Robert Barnes, group head of securities trading and CEO of Turquoise, explains: “It will allow them to trade based on more information, at a greater speed and at a reduced cost than they have been able to before. The expansion also means the global investor community can trade on securities from nearly anywhere in the world at a time that suits them.”
“Using Turquoise an investor in Asia can trade a US stock like Apple from six and a half hours ahead of the US market open,” Barnes adds.
Access to the new trading functionality is available to existing members of Turquoise by requesting access to US Market on their existing dashboard, available from 5 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.
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