Turquoise, the pan-European equity trading services company, has been granted additional permission by the UK Financial Services Authority (FSA) to operate a liquidity aggregation and order routing service to be launched in early July 2009.

TQ Channel is said to be the first service of its kind. It will provide a single point of access to non-displayed liquidity from major trading companies, allowing Turquoise clients to take advantage of otherwise inaccessible liquidity in over 1,700 securities in 15 European markets.

Turquoise will route and distribute orders to connected liquidity providers to execute trades with minimal market impact and obtain improved execution prices. Its independent, centralised infrastructure will offer a meeting point for otherwise fragmented liquidity and a place where institutional size trades will execute securely.

Counterparty risk is mitigated through a fully-cleared solution, with efficient, low-cost settlement achieved through the use of EuroCCP's centrally cleared facility, netting with all other Turquoise trades.