Plato Partnership, a new not-for-profit group representing asset managers and broker dealers, has opened its doors and inked a cooperation agreement with pan-European MTF Turquoise. This will involve the joint promotion of the use of the latter’s block trading services.
Turquoise will also rebrand its non-displayed services to Turquoise Plato. The parties will work together and with the wider buy and sell-side community to develop and validate enhancements to the Turquoise Plato market model. Both the buy-side and sell-side members of Plato Partnership are aiming to ensure a rational market structure for block trading under MiFID II, and believe this would be best served via collaboration with existing venues.
Nej D’jelal, Plato Co-Chair and Managing Director, Head of Electronic Equities Product, EMEA, Barclays, comments: “The creation of Plato Partnership marks a substantial and exciting milestone for the industry. This collaborative initiative will aim to improve European equity markets in the interests of end investors based on a not-for-profit ethos, which is truly unique. This partnership with Turquoise lays the foundations for Plato Partnership to drive forward future industry initiatives that will seek to increase efficiencies and simplify market structure for the benefit of market participants.”