20 August 2017
Find out more

Turquoise primes for September launch

30 January 2008  |  6655 views  |  0 Eli Lederman CEO, Turquoise

Turquoise, the putative European equity trading venue supported by leading investment banks, is being prepped for a live launch in September, with trading in 300 stocks and a roster of top market-makers on board from day one, CEO Eli Lederman told a packed conference at Finexpo in London.

Speaking in front of a standing room-only crowd, Lederman drew direct comparisons between exchange trading markets in Europe and the international aviation industry, where deregulation led to greater choice, lower prices, better services and a boom in international travel. Similar forces are currently at work in the European trading markets, says Lederman, with the European Union's Market in Financial Instruments Directive the direct analogue to the deregulation that so galvanised the airline industry.

"Turquoise won't be the only player in this drama," he says. "But it's going to be a very valuable one."

Turquoise currently employs about 25 people with wide-ranging experience from across the sell-side, buy-side, European exchanges and US markets, says Ledernman. "We do have an office, but we don't have stone steps, granite columns or high vaulted ceilings. This is a modern exchange... with racks of blade servers."

The Turquoise technology platform is being built by Cinnober, the Swedish technology house that developed the Boat trade reporting platform. "Boat was delivered on time, on budget, and on day one had 20% market share. That's a harbinger for what we want to do," says Lederman.

Turquoise staff are currently working through 8000 test scripts and talking with regulators about their business plans. Says Lederman: "We expect to have FSA approval well before our launch date in September."

He says the exchange will begin trading in 300 liquid stocks in September and gradually roll-out to encompass some 1200 stocks in a darker liquidity pool.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

European stock exchanges facing 'perfect storm'

European stock exchanges facing 'perfect storm'

30 January 2008  |  5150 views  |  0 comments
Turquoise chief Lederman to keynote at Finexpo

Turquoise chief Lederman to keynote at Finexpo

11 January 2008  |  8253 views  |  0 comments
Turquoise names Farnham COO; Higgins head, client relationship management

Turquoise names Farnham COO; Higgins head, client relationship management

17 December 2007  |  7208 views  |  0 comments
Turquoise appoints Yann L'Huillier CTO

Turquoise appoints Yann L'Huillier CTO

13 November 2007  |  12316 views  |  0 comments
EuroCCP names Citi's Diana Chan CEO; Merrill's Trevor Spanner COO

EuroCCP names Citi's Diana Chan CEO; Merrill's Trevor Spanner COO

01 November 2007  |  8527 views  |  0 comments
Plus terminates talks with Turquoise

Plus terminates talks with Turquoise

19 October 2007  |  7365 views  |  0 comments
Plus share suspension sparks rumours of reverse take-over of Turquoise

Plus share suspension sparks rumours of reverse take-over of Turquoise

08 October 2007  |  6174 views  |  0 comments
Boat gears up for November launch; Turquoise board appointed

Boat gears up for November launch; Turquoise board appointed

21 August 2007  |  10661 views  |  0 comments
Turquoise launch delayed

Turquoise launch delayed

07 August 2007  |  12012 views  |  0 comments
BNP Paribas buys into Turquoise

BNP Paribas buys into Turquoise

06 July 2007  |  9759 views  |  0 comments
OMX set to land Turquoise technology contract

OMX set to land Turquoise technology contract

25 June 2007  |  9963 views  |  0 comments
Project Turquoise banks select EuroCCP for clearing and settlement

Project Turquoise banks select EuroCCP for clearing and settlement

18 April 2007  |  18285 views  |  0 comments
Euronext lays out MiFID trading strategy; Nasdaq talks up Turquoise threat

Euronext lays out MiFID trading strategy; Nasdaq talks up Turquoise threat

01 February 2007  |  12609 views  |  0 comments
Investment bank consortia sift through technology options

Investment bank consortia sift through technology options

22 January 2007  |  13248 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9452 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8028 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7575 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
7123 views 0 | 2 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
6719 views comments | 14 tweets | 12 linkedin

Featured job

Find your next job