In a transatlantic partnership, LSEG’s Turquoise has partnered with trading market place LeveL Markets to provide manual conditional order types to buy-side and broker clients.
LeveL, formerly operating as Kezar Markets umbrella, runs both the LeveL and Luminex alternative trading systems (ATSs) as broker-dealer.
Turquoise currently holds 10% of market share for large-in-scale (LIS) dark trades in Europe, according to BMLL data, behind market leader Cboe (69%). According to FINRA data, LeveL ATS was the fourth most active ATS in Q4 2024, executing more than 9 million trades.
The collaboration intends to improve access to liquidity for large block trades while reducing market impact. Self-directing orders to Turquoise, LSEG says, will grant users more control as they connect to buy- and sell-side counterparties.
Manual conditional order types will be available to buy-side desks using the Luminex interface, connecting them to nominated brokers on Turquoise’s Plato Block Discovery platform. Launched in 2014, the service facilitates LIS electronic execution. Users send conditional block indication orders to the platform, which connects buyers and sellers at their minimum execution sizes.
The new order type is expected to go live in the second half of the year.
