Turquoise has joined the industry working group set up by fellow multilateral trading facilities (MTFs) to develop and maintain a uniform symbology framework for European equities. The group was formed last October by Bats Europe, Chi-X Europe and Nasdaq OMX Europe to address the challenges posed by conflicting stock symbols used in European equities trading.
The group’s aim is to develop and maintain a uniform framework for such symbols in order to reduce complexity and create greater efficiency throughout the trading process. This would allow market data from European trading venues to be consolidated more easily and for smart order routing to operate more effectively. Participation in the group is open to all European execution venues.
Says Adrian Farnham, Turquoise COO: “We are aiming to implement the symbology on the Turquoise MTF in early Q2, 2009, and anticipate that our members will benefit from a range of efficiencies as a result.”