Turquoise, the multi-lateral trading facility established by nine European investment banks, will use The Transaction Auditing Group (TAG) to provide it with independent daily execution performance measurements. The Turquoise platform, on schedule to launch in early September, will provide participants with rich trading functionality with a critical mass of natural liquidity. TAG has developed tools to provide independent measurement of a trading platform's best execution performance for broker dealers and the buy-side.
"Partnering with TAG will help us to provide further analytical value to our participants as they benefit from the combination of low latency with high quality execution performance of Turquoise," said Yann L'Huillier, the Turquoise chief technology officer, in a press release. "We are very pleased that TAG can meet Turquoises' high standard for independent, comprehensive execution analysis by including their custom performance benchmarks," he added.