Name

Turquoise Trading

Legal name

Turquoise

Website

https://tradeturquoise.com

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Multilateral Trading Facility

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

Keywords

• Multilateral trading facility
• Equities trading venue
• European equities exchange
• Electronic trading platform
• Institutional trade execution

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Trading Venue Fees: Turquoise operates as a pan-European trading venue generating revenue through transaction fees from trading 4,500 securities across Europe and beyond

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Turquoise operates a pan-European multilateral trading facility (MTF) enabling institutional investors and broker-dealers to trade equities electronically. The venue currently hosts trading in 4,500 securities across Europe and beyond, providing competitive execution services as LSEG's dedicated European equities trading platform.

Product overview

Turquoise is LSEG's unified pan-European trading venue offering equity trading services. It operates as a single core platform enabling trading across 4,500+ securities spanning Europe and international markets, with operations based in London and Amsterdam.

Differentiator

Problem solved

Functional benefit

Products and services

• Turquoise Trading Venue

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• London Stock Exchange Group (LSEG)coreOthersLSEG is the parent company and sole owner of Turquoise. Turquoise operates as LSEG's pan-European trading venue, with Tom Stenhouse appointed as CEO and Simon McQuoid-Mason leading new product development and business development for both LSE and Turquoise. The relationship is a wholly-owned subsidiary structure.

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Euronext: Euronext operates primary regulated markets across Amsterdam, Paris, Brussels, Dublin, Milan, Oslo, and Lisbon, with significant equities trading volume. As a pan-European incumbent, it competes with Turquoise on flow while operating national primary markets Turquoise does not.
• Deutsche Börse Xetra: Xetra is Deutsche Börse's central limit order book for German and pan-European equities. As a large incumbent exchange operator, it competes with Turquoise on European equities execution while also offering broader market infrastructure.
• London Stock Exchange (LSE): London Stock Exchange operates the UK's primary equities market and is the parent of Turquoise. While not a direct competitor (it's the parent), its primary market offering overlaps with Turquoise's MTF services for UK and European equity execution.

Direct peers

• Aquis Exchange: Aquis Exchange is a UK-based regulated MTF and APA for European equities, competing head-to-head with Turquoise for institutional trading flow. It is one of the most direct MTF competitors in pan-European equities.
• Cboe Europe: Cboe Europe operates pan-European MTFs and order books for European equities, directly competing with Turquoise for institutional and broker-dealer execution flow. It is one of the largest MTF operators in Europe by notional volume traded.
• Goldman Sachs Sigma X: Sigma X is Goldman Sachs' principal MTF for European equities, offering mid-point and traditional order book trading. It is a direct competitor to Turquoise in the European MTF segment with overlapping institutional client base.
• UBS ATS: UBS ATS is UBS's principal-operated European equities MTF. It is a direct competitor to Turquoise in the European MTF space, offering dark and lit execution for institutional clients across European stocks.

Regional players

• SIX Swiss Exchange: SIX Swiss Exchange is Switzerland's primary equities exchange with pan-European relevance. It competes with Turquoise for Swiss and broader European equity flow but is primarily regional in focus.
• Nasdaq Nordic (Copenhagen/Helsinki/Stockholm/Iceland): Nasdaq's Nordic exchanges operate primary equities markets across the Nordics and provide trading services that overlap with Turquoise's pan-European equity coverage on a regional basis. They compete in Nordic trading flow but are not focused on the broader pan-European MTF segment.

Emerging players

• Instinet BlockMatch: Instinet operates BlockMatch, a European block trading crossing network for equities. It is comparable to Turquoise in addressing institutional equity execution needs, with overlap in dark trading and European equity flow, but is more focused on block/large-in-scale trades.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/tradeturquoise

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turquoise Trading