Turquoise and LeveL Markets to Launch New Block Trading Order Type for Buy-Side Traders

Turquoise and LeveL Markets to Launch New Block Trading Order Type for Buy-Side Traders

(IN BRIEF) LSEG’s trading platform Turquoise has partnered with LeveL Markets, operator of the US-based Luminex platform, to introduce a new Manual Conditional Order Type for block trades. Set to launch in the second half of 2025 (pending regulatory approval), the feature will allow buy-side firms to control large orders and minimize market impact by connecting with both buy- and sell-side counterparties through Turquoise Plato Block Discovery™. This solution will be available via Luminex’s interface and aims to streamline block trading across Europe. The partnership combines Turquoise’s deep liquidity and pan-European reach with Luminex’s established technology and buy-side network.

(PRESS RELEASE) LONDON, 25-Apr-2025 — /EuropaWire/ — London Stock Exchange Group (LSEG) today announced a strategic collaboration between its pan-European trading platform Turquoise and US-based marketplace LeveL Markets, operator of the Luminex platform. The partnership introduces a new Manual Conditional Order Type, designed specifically to enhance block trading capabilities for buy-side firms and their nominated brokers via the Turquoise Plato Block Discovery™ service.

The new solution, which will be accessible through Luminex’s user interface, empowers buy-side traders to exert greater control over large block orders. By facilitating direct interaction with both buy- and sell-side counterparties, the new Manual Conditional Order Type is intended to reduce market impact and improve access to liquidity across Europe.

The offering is expected to go live in the second half of 2025, pending regulatory approval.

Adam Wood, CEO of Turquoise Global, said:
“We are excited to collaborate with LeveL Markets on this innovative addition to our block trading ecosystem. Our new Manual Conditional Order Type represents a significant step forward in providing diverse and efficient liquidity options, enabling buy-side firms to manage larger trades with precision and reduced visibility risk.”

Steve Miele, CEO of LeveL Markets, LLC, added:
“This partnership allows us to broaden our mission to help buy-side firms discover and access liquidity more effectively. Integrating Luminex’s trading environment with Turquoise’s extensive European footprint opens up new opportunities to deliver meaningful liquidity and minimize market disruption.”

Turquoise, a leading dark pool operator, brings its award-winning infrastructure and pan-European reach to the collaboration, while LeveL Markets contributes deep technology expertise and an expansive network of buy-side participants. The joint solution is expected to support institutional investors in sourcing liquidity for large trades while navigating Europe’s fragmented equity market landscape.

Notes to Editors

The Luminex platform – launched by the buy-side for the buy-side – provides customers with a robust suite of tools through its proprietary user interface, which is an anonymous, non-quoted trading destination designed to source block liquidity while reducing market impact. LeveL Markets is a US equities marketplace, trading solutions provider, and the broker-dealer owner and operator of the LeveL and Luminex Alternative Trading Systems. With a focus on client service, efficient trading execution, and disruptive trading technology, LeveL Markets provides a solutions-driven, effective platform for equities trading with a deep pool of buy-side and sell-side liquidity.  Learn more about LeveL Markets at www.levelmarkets.com.

Turquoise is a pan-European trading platform, majority-owned by LSEG in partnership with the user community. It offers members access to 4,500 securities across 20 countries, including the UK, Switzerland and the US. With a single connection, members can trade shares, depository receipts, ETFs, and European rights issues with an open model approach (supporting interoperability and preferred clearing models) that allows members to choose among three central counterparties to clear these trades. Learn more about Turquoise on our website.

About LSEG

LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.

With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes.

LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.

LSEG’s ticker symbol is LSEG.

Media Contact:

LSEG Press Office
Nandeep Roopray
+44 (0)20 7797 1222

newsroom@lseg.com
www.lseg.com

SOURCE: LSEG