08.24.2022

Investors Can Choose Currency for Settlement on Turquoise

08.24.2022
Investors Can Choose Currency for Settlement on Turquoise
  • Turquoise® and M-DAQ sign cooperation agreement, to work together to deliver multi-asset market efficiencies.
  • Turquoise M-DAQ™ will provide brokers with an innovative composite equity and FX trading workflow, with enriched data analytics in multiple currencies.
  • Turquoise M-DAQ™ participants will benefit from a single relationship, reduced operational risk, whilst providing global investors transparency, better outcomes and the true cost of their equity and FX transactions.

M-DAQ, a leading global FX specialist, announced its cooperation with Turquoise®, the pan-European MTF majority owned by London Stock Exchange Group (LSEG). The collaboration envisions a new service to investors who, through their brokers, will be able to execute cross-currency securities transactions and settle in their currency of choice (subject to regulatory approval).

Turquoise is a multilateral trading facility (MTF) regulated by the UK FCA, also with the ability to accept members from overseas jurisdictions including Singapore, Hong Kong and Dubai amongst others.  As an MTF, it provides global investors with access to order books to trade nearly 4300 securities (including ETFs, ADRs, GDRs) of 20 countries including from Europe, Switzerland, the UK and US – all through a single interface. With M-DAQ headquartered in Singapore, the combined workflow will enhance the foreign investment paradigm across continents.

Continuing its path to improve market structure through innovation, M-DAQ will contribute its patented product Trading the Right Chart (TRC). This complements well the capabilities of Turquoise®, removing the need for multilateral relationships and reduces FX operational risk faced by brokers, delivering further efficiencies to equity capital markets and better outcomes for end investors.

Richard Koh, Founder & CEO of M-DAQ Global, said: “M-DAQ is delighted to be the first Singapore flagship fintech to partner with Turquoise®. By leveraging our wealth of experience, we can offer customers the ability to efficiently execute small FX transactions fitting the securities order shapes and using our tried and tested technology capabilities. We are well positioned to work alongside Turquoise® to bring the global equities market a solution that would allow cross-border investors to access foreign assets with more ease and confidence.”

Dr. Robert Barnes, Group Head of Securities Trading, LSEG, & CEO Turquoise Global Holdings, said: “Turquoise® is committed to serving our clients through innovation and partnership. Together, Turquoise M-DAQ™ will bring transparency, automation and efficiency to trading of securities that settle in an investor’s currency of choice. I look forward to continuing our collaboration with M-DAQ to deliver benefits for brokers and investors.”

Source: M-DAQ

Related articles

  1. SEC 'Dark' Proposals Assessed

    With Zoe Zhang and Richard Knight, Execution Quant Group, CLSA

  2. APAC buy-side traders are increasingly requesting the conditional order type.

  3. Recent downturn has shifted market from retail-heavy participation to more systematic/quant influence.

  4. FCMs Promote Algorithmic Trading

    The new capability allows pre-market block trading at the full day VWAP price.

  5. The iconic Big Board processes a half trillion messages per day.