27 February 2009 News

 

Turquoise joins industry group to standardise European stock symbology

Turquoise has become the fourth member of an industry working group set up to develop and maintain a uniform symbology framework for European equities.

The working group was formed in October 2008 by BATS Europe, Chi-X Europe and NASDAQ OMX Europe to address the challenges posed by the multiplicity of stock symbols used in European equities trading. Its 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, allowing 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.

On joining the group, Adrian Farnham, chief operating officer for Turquoise commented: "Turquoise is dedicated to making the trading of European shares more efficient, and we are delighted to be collaborating on the uniform symbology initiative. 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."