AppLabs` Testing solution enables Turquoise to launch on-time
Released on: September 25, 2008, 3:36 am
Press Release Author: AppLabs
Industry: Software
Press Release Summary: The new Turquoise platform provides Dark Pool Trading and is trading across 13 major European countries competing against London Stock Exchange and Chi-X
Press Release Body: London, UK; Philadelphia, USA; Hyderabad, India; 24 September, 2008: AppLabs, the world’s largest independent testing, quality management and certification solutions company, today announces the completion of a major Functional and Performance Testing phase for Turquoise, the multi-lateral trading facility established by nine leading European investment banks.
AppLabs was chosen as the sole independent testing partner. AppLabs was responsible for the design, development, implementation and verification of Turquoise’s testing strategy. The platform has been running since its soft launch on 15 August 2008, trading across 13 major European countries with Turquoise's unique market model integrated a dark pool and visible order book. Users on the integrated book can expect frequent price improvement for small orders and can also trade large orders efficiently on the dark book while minimising information leakage into the market.
Yann L’Huillier, Chief Technology Officer of Turquoise, comments: “Designed to compete with incumbent exchanges and alternative venues, we differentiate on technology, costs and the quality of our services. We needed an experienced and unbiased testing partner like AppLabs to make sure our platform is functionally reliable, robust and efficient, which are critical to our success.”
Graham Smith, Senior Vice President of European Business at AppLabs says: “Turquoise understood the importance of testing from the outset and AppLabs’ testing expertise and experience of exchanges allowed us to ensure everything met the highest standards before, during and after launch. Our next and continuing objective is to ensure further code releases are fully tested.”
About AppLabs
AppLabs is the world’s largest independent testing, quality management and certification solutions company. With over a decade of experience, AppLabs has become a trusted partner to more than 600 companies, providing both quality assurance and third-party validation. Clients include American Airlines, Experian, JP Morgan, VocaLink and National Australia Bank amongst others. Headquartered in Philadelphia, the company maintains advanced testing facilities in the US, India and the Europe. For more information, visit www.applabs.com
About Turquoise
The Turquoise Multilateral Trading Facility (MTF) provides electronic execution services to buyers and sellers of pan-European equities. Turquoise’s unique market model recognises the importance of visible order book activity in today’s market structure and reconciles this small order, high frequency activity with traders’ desire to find institutional-size liquidity.
Turquoise’s integrated market segment, combines dark and visible orders to increase the likelihood of execution and price improvement for small orders whilst allowing the trading of large, institutional-size orders, efficiently and with minimisation of information leakage and market impact.
Turquoise is an independent company, whose members include the largest banks and brokers active in European trading, as well as specialist trading firms and institutions with local, regional and sector focus. The Turquoise MTF has secured market-making relationships with key stakeholders that, together with its wide membership, differentiated functionality and competitive pricing, ensure critical mass of natural liquidity and make it a venue that every trader will need to access.
The clearing & settlement function is being delivered by EuroCCP, a subsidiary of DTCC, a partnership that helps to drive down the total cost of trading.
For further information, please visit: www.tradeturquoise.com
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