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Appital Turquoise BookBuilder goes live

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Appital, the equity capital markets technology solution, and Turquoise, the pan-European MTF, majority owned by London Stock Exchange Group, have launched Appital Turquoise BookBuilder, The world’s first algorithmic bookbuilding platform enables buy side to participate in liquidity discovery, price formation and execution opportunities in multiple days’ volume in listed equities.

This is the first buyside to buyside bookbuilding platform to give institutional investors the opportunity to proactively source liquidity. By bringing a historically highly manual and opaque process into an automated, electronic platform, they gain control over the entire bookbuilding process. Buyside firms benefit from liquidity discovery and price formation opportunities for illiquid equity positions, as well as the ability to execute large volumes on the regulated Turquoise MTF, often in multiple days’ ADV, with minimal market impact or risk of price erosion. 

The European trading team of the world’s largest sovereign wealth fund, Norges Bank Investment Management, has successfully originated and executed the first trade, through a series of bilateral transactions.

The EMS vendors connected at the time of first trade include Flextrade, Factset’s Portware and TS Imagine. The deal executed successfully using Turquoise, with Bernstein as the executing broker. Multiple global asset managers participated as part of a series of bilateral transactions.

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