London Stock Exchange acquires trading platform, Turquoise
21 December 2009
The London Stock Exchange and Turquoise have announced their agreement to create a new pan-European trading venture through a merger of the businesses of Turquoise and the LSE's trading platform, Baikal.
The new venture, an FSA regulated Multilateral Trading Facility (MTF), will expand LSE services across Europe in both lit and dark trading, and liquidity aggregation, with the express objective of driving European trading volume growth and promoting venue choice. It will benefit from synergies with LSE infrastructure and the planned migration to MillenniumIT trading technology.
Continuing to trade under the Turquoise name, the merged entity will be 60 per cent owned by LSE and 40 per cent owned by the existing Turquoise shareholders, who are global investment banking clients of LSE. LSE intends to broaden equity participation in the new venture by selling up to a further nine per cent of the issued share capital to other interested parties. LSE will retain a majority shareholding in the new venture.
As a neutral venue, Turquoise will be open to all market participants active in Europe and will be designed to inspire the confidence of the region’s regulators. Exchange operated, the new venture will build upon Turquoise’s existing pan-European lit order book and successful dark pool, as well as drawing upon Baikal’s innovative product pipeline.
For more, see http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2009/londonstockexchangeandglobalinvestmentbankstopartnerinpaneuropeantradingventure.htm