Brand new path to Turquoise

Lit Auctions™ and other

new auctions

Available via various OMSs

Always priced no worse than

Primary midpoint when it trades

i.e. halves the bid offer spread

Costs 2 basis points (2 bps)

T-REX – a new auction algorithm

Introduction to Liberum T-REX

T-REX – giving institutional liquidity to retail investors

Takes advantage

of MiFID II changes

which have seen

internalised BCN

flow disappear

Periodic auctions

are still growing

very fast

Periodic auctions

suit the end investor

by offering trading at

Primary midpoint

Until now only
institutional investors
have had readily
available and
consistent access
 to mid prices

Introduction to Liberum T-REX

T-REX – a new auction algorithm

Robert Barnes, Turquoise CEO

"Liberum is trying to

provide to the wider

investing community

the same execution

channels available

to wholesale

institutional investors"

Introduction to Liberum T-REX

T-REX mechanics

Introduction to Liberum T-REX

Built by a top 3 market share bulge 

bracket with Liberum

Offers institutional access to retail clients

in the FTSE 350 and AIM 50 with the

intention to expand the list

Trades UK stocks from 8am until 4:30pm

Can enter orders with or without a limit

Delivers one fill only, if it trades, like an RSP –

whatever the order size is, this becomes the

Minimum Executable Quantity (MXQ

 

Can do small trades and large blocks automatically

 

All T-REX orders automatically expire after 60 seconds, or can be pulled at any time

 

T-REX “best execution”

Introduction to Liberum T-REX

Gets “better” best

execution

via mid prices

 

Low toxicity and reversion

 

Benefits from “member matching” available in Turquoise hence it has been beneficial to build with a high market share partner to increase intervening opportunities to trade

 

On average T-REX achieves

a better fill than the RSP

 

Turquoise operates the award winning European exchange and TCA characteristics of Turquoise Lit Auction™ trades are excellent – positively low price reversion is industry focus during the crucial 500 ms timeframe, highlighting overall quality of execution

Low toxicity and reversion

 

Whilst T-REX is an algorithm, over time it will start to resemble a venue as RSP flow migrating to auctions is effectively a new liquidity pool for institutions to deal in

 

 

 

Retail investors in the US were allowed access to dark trading venues by the regulator

 

T-REX innovates

Introduction to Liberum T-REX