The addition of Turquoise to the industry working group set up by fellow multilateral trading facilities (MTFs) to develop and maintain a uniform symbology framework for European equities is lending credence to the idea that the group may be seeking to introduce a consolidated tape of order data. The industry has been calling for a widely distributed pan-European order book ever since a failure of the London Stock Exchange’s TradElect system last October left the marketplace with no benchmark pricing.

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