The nine investment banks establishing the MiFID-compliant Turquoise platform are all now trading on rival ATS Chi-X Europe after Deutsche Bank executed its first trades on the Instinet system.
Deutsche Bank says it executed its first trades on Chi-X Europe earlier this week. Client orders are routed to Chi-X Europe via the bank's equity electronic trading and analytics platform, autobahn Equity.
Andrew Morgan, European head of autobahn Equity, says: "Chi-X Europe and other new execution venues provide much needed competition for the traditional exchanges. The benefits of increased competition will ultimately be passed on to our clients in the form of improved execution, reduced trading costs and innovative product features."
Commenting on Deutsche Bank's first trades, Peter Randall, CEO of Chi-X Europe, says: "Attracting high quality participants such as Deutsche Bank illustrates our position as a relevant and important alternative to the existing exchanges."
Other Turquoise backers BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale and UBS have also connected to the Chi-X Europe platform, which launched last year.
Turquoise chief executive Eli Lederman said earlier this month that the delayed platform will launch on 5th September. however this is the same time as competitor systems developed by Bats Trading and Nasdaq OMX are expected to go live.