Oslo Børs Finalizes Turquoise Lit Auctions

MiFID II double volume cap on dark pool trading may take effect on 12 January.

Oslo Børs will finalize the implementation of Turquoise Lit Auctions™ on Oslo Børs-functionality by populating auction orderbooks, active as of Friday 12 January 2018.

Technical launch of Turquoise Lit Auctions™ on Oslo Børs was made on 16 December 2017. Instruments on Oslo Børs that currently have a Dark Midpoint Order Book, will be set up with a Turquoise Lit Auctions™ Order Book as well.

Auction orderbook population was originally planned over the coming weekend, active as of Monday 15 January. However, signals implying that the MiFID II Double Volume Cap (DVC) may take effect 12 January have led to the decision of moving the orderbook population forward.

The launch of new orderbooks will generally impose low impact on Oslo Børs’ customers, by only adding new enums to existing fields. Among the key changes, Turquose Lit Auctions(TM) trades will be published with new MICs; XOSA for Oslo Børs and XOAA for Oslo Axess, and New Target Book / Routing Instruction = A (Turquoise Lit Auctions™) will be available. A compressed overview of “Turquoise Lit Auctions™ on Oslo Børs – PDF”, as well as technical specifications of all relevant Millennium Gateways, is published on Oslo Børs Delta webpage.

Turquoise Lit Auctions™ on Oslo Børs is designed to reduce the impact on current trading practices after the introduction of MiFID II DVC, which will impact investments firms’ ability to report negotiated trades and to trade in a dark liquidity pool for sizes below Large In Scale (LIS).

Source: Oslo Børs

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