Turquoise gets FSA approval

Turquoise gets FSA approval

Bank-backed equities trading facility Turquoise has received regulatory approval for its MiFID-complaint pan-European platform and surveillance system.

In a statement, London-based Turquoise says it has been granted authorisation by the UK's Financial Services Authority (FSA) to operate a multi-lateral trading facility (MTF).

Turquoise has also been granted a 'MiFID passport' which enables it to offer trading services to firms located in the European Economic Area (EEA) following its planned launch in September.

Eli Lederman, Turquoise chief executive, says: "Securing FSA authorisation demonstrates our commitment to putting in place governance, people and technology aligned with our intention to provide a platform that deserves its place at the centre of European capital markets."

Turquoise is set to offer trading on a limited basis in August, before the platform is officially launched in September.

The service, which was originally expected to be live when MiFID came into force last November, is set to launch at the same time as rival European platforms developed by Bats Trading and Nasdaq OMX.

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