LSEG opens new pan-European share trading platform in light of Brexit
02 December 2020 The Netherlands
Image: Nataraj/Adobe Stock
The London Stock Exchange Group (LSEG) has launched its new pan-European share trading platform Turquoise in Amsterdam as part of its Brexit contingency plans.
The new Turquoise European venue, which opened for trading on Monday, has already seen trading activity, according to a spokesperson of LSEG.
LSEG explained the hub was set up to avoid disruption to its EU customers, who face having to trade euro-denominated shares inside the bloc from January after the UK’s full access to the EU ends on 31 December.
In the event there is no equivalence deal agreed with regard to shared trading, as of January 2021, European investment firms looking to trade European listed stocks will have to do that in continental Europe, meaning they will no longer be able to trade.
LSEG said the venue in Amsterdam will allow those European customers who want to continue to use trade for those European listed stocks, for example, BMW.
A notice was issued in October LSEG’s Turquoise members outlining its preparations for the end of the transition period on 31 December.
Preparations included third country member transaction reporting obligations which, in certain cases, may apply to current members of Turquoise for the first time.
LSEG explained the difference between Turquoise Europe and the existing Turquoise in London is that Turquoise Europe only has available the European economic area listed securities for trading on its platform.
Meanwhile, London-based Turquoise continues to have both the UK and European listed securities that it has always had, so there is no change in that offering there.
The new Turquoise European venue, which opened for trading on Monday, has already seen trading activity, according to a spokesperson of LSEG.
LSEG explained the hub was set up to avoid disruption to its EU customers, who face having to trade euro-denominated shares inside the bloc from January after the UK’s full access to the EU ends on 31 December.
In the event there is no equivalence deal agreed with regard to shared trading, as of January 2021, European investment firms looking to trade European listed stocks will have to do that in continental Europe, meaning they will no longer be able to trade.
LSEG said the venue in Amsterdam will allow those European customers who want to continue to use trade for those European listed stocks, for example, BMW.
A notice was issued in October LSEG’s Turquoise members outlining its preparations for the end of the transition period on 31 December.
Preparations included third country member transaction reporting obligations which, in certain cases, may apply to current members of Turquoise for the first time.
LSEG explained the difference between Turquoise Europe and the existing Turquoise in London is that Turquoise Europe only has available the European economic area listed securities for trading on its platform.
Meanwhile, London-based Turquoise continues to have both the UK and European listed securities that it has always had, so there is no change in that offering there.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
