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Turquoise looks for buyer

18 August 2009  |  7605 views  |  0 Buy Road sign

Turquoise, the pan-European equity trading platform backed by nine investment banks, has begun looking for a buyer, sending out sales notices to as many as 18 potential bidders, according to Bloomberg.

All major exchanges, including rival MTFs, have been approached by Turquoise. Those include the London Stock Exchange, Deutsche Boerse, Nasdaq OMX, NYSE Euronext, SIX and Chi-X.

Turquoise CEO Eli Lederman confirmed to Bloomberg that the trading venue is working with UBS to help "explore strategic options" for the MTF.

A Turquoise spokesperson says the MTF can not comment on any sales options or any other option being explored by Turquoise and UBS.

Both MTFs and exchanges are struggling for market share in Europe, with consolidation within the marketplace widely predicted by industry observers.

This June Lederman announced that the MTF had planned to tap investors for a third round of funding, expected to amount to a year's worth of operating capital. This was the third time in less than a year that Turquoise turned to its investment bank backers for capital as it struggles to compete for scarce liquidity with a host of new pan-European trading ventures.

In March a liquidity agreements with the nine backers ran out. They had agreed to make markets on the MTF for six months but once this period came to a close, Turquoise's market share dropped dramatically.

Turquoise Said to Solicit Takeover Bids From Exchange Rivals - Bloomberg

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