Turquoise gains FSA approval for trading facility

Pan-European electronic stock exchange Turquoise has won Financial Services Authority (FSA) approval for its multi-lateral trading facility and a MiFID passport to all countries in the European Economic Area.

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The equity platform will accept limited volumes in August and open fully for business in September.

Transactions will be posted in a visible order book or in a "dark pool" that makes them invisible to other market participants.

Nine major European investment banks created the joint venture in response to MiFID's best execution rules, which require brokerages to prove their trading is as efficient as possible.

For more information, see next week's Investment Adviser.

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