Bank-backed equity trading venue Turquoise has raised enough money in a recent round of funding to secure its financial position for the rest of the year, the FT reports.
Turquoise, which is competing for market share in European stocks against traditional incumbents such as the LSE and other upstart entrants like Chi-X, revealed in December that it was looking for fresh funding from new investors just two months after launch.
Turquoise chief Eli Lederman told the FT that the latest funding round had been won from its existing backers, and that talks with outside investors were ongoing.
Turquoise currently claims six per cent marketshare in the 310 stocks traded on its platform, but faces tough competition in a market characterised by declining share trading volumes.
The arrival of new participants would be a boost to Turquoise as it strives to inject fresh liquidity and attract more business from smart order routers trawling the markets for best execution opportunities.Trading platform Turquoise secures funding for this year - FT