LSE’s Turquoise to offer trading from its Dutch platform in case of no-deal Brexit


The London Stock Exchange said its platform Turquoise will offer trading in EU-listed shares from its Dutch platform on 30 November if there is no agreement on equivalence to allow cross-border services between the European Union and the UK.

“Turquoise can confirm that it is planning on invoking its Brexit contingency plans on Monday 30 November 2020, unless relevant equivalence decisions to allow cross-border services between the EU and UK are agreed prior to this date,” said the LSE of the pan European equities trading venue in a 12 October statement. “The final go-live decision will be confirmed in due course.”

The UK left the European Union earlier this year, but the transition period ends on 31 December 2020. Talks between the two sides are still ongoing, with the UK’s chief negotiator David Frost in Brussels this week in an attempt to come to an agreement before mid-October, the deadline Prime Minister Boris Johnson has repeated.

READThree reasons why the City doesn’t care about Brexit deadlock

In June, the EU’s chief negotiator Michel Barnier accused the UK of trying to keep “as many single market benefits as it can” despite choosing to leave the bloc.

If the venue does need to invoke its contingency plans, European Economic Area securities will be made available for trading on the multilateral trading facility operated by Turquoise Europe. The LSE also specified that the current instrument universe will continue to be available on Turquoise UK.

According to a person familiar with the matter, Turquoise Europe has been approved by the Dutch regulator already. The trading functionality of the two platforms will be the same, the person added, however, there will not be UK or Swiss stocks among the European-listed stocks based out of Amsterdam.

To contact the author of this story with feedback or news, email Bérengère Sim



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