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Equiduct and Turquoise step forward

Interesting to see the advertisements in the FT today for Equiduct’s VBBO. Basically, the concept is that Equiduct will provide a real-time feed that shows how much better an execution could be if all the alternative trading venues were taken into account. This is a positive step towards a “consolidated tape” although, as with all things in the world of fragmentation, the devil is in the detail. Equiduct’s VBBO is calculated based on SMS order size only and so, whilst it provides a useful illustration, the results are only valid if your order quantity matches the SMS quantity for that stock.

Also saw that Eli and Turquoise are on the fund-raising trail. Much has changed since the original investors thought up the Turquoise concept back in the early part of 2007 so it’s not surprising that Turquoise is looking to expand its investor base. In particular, what all the new platforms need is sustainable liquidity. In this regard, yesterday was a good day for Turquoise which traded over 6% of the FTSE 100 (incidentally, BATS weighed in with a respectable 2%). In another forward step Turquoise will also be introducing a revised maker taker price model and is introducing an equity participation program for existing partners which will reward them for supporting the platform with liquidity.

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