Turquoise, the multi-lateral trading facility established by nine European investment banks, will use The Transaction Auditing Group Inc.’s (TAG) best execution expertise to provide them with independent daily execution performance measurements.
The Turquoise platform, on schedule to launch in early September, will provide participants with trading functionality, with a critical mass of natural liquidity. TAG has developed tools to provide independent measurement of a trading platform’s best execution performance for broker dealers and the buy-side.
“Partnering with TAG will help us to provide further analytical value to our participants as they benefit from the combination of low latency with high quality execution performance of Turquoise once it launches in early September,” says Yann L’Huillier, chief technology officer for Turquoise. “We are very pleased that TAG can meet Turquoise’s high standard for independent, comprehensive execution analysis by including their custom performance benchmarks.”
“As an innovative and transformational trading platform, we are looking forward to working closely with Turquoise,” says Christophe Dacre-Wright, TAG’s CEO. “TAG is eager to report to the participants on how Turquoise’s sophisticated trading system and unique market model will have delivered frequent price improvement and crossing opportunities.”