Lester pushes aside Lederman and Wilson to take Baikal/Turquoise hot seat

Lester pushes aside Lederman and Wilson to take Baikal/Turquoise hot seat

The London Stock Exchange has completed the acquisition of Turquoise Trading and installed former LSE CIO David Lester as chief executive, ahead of Turquoise incumbent Eli Lederman and Baikal CEO John Wilson.

The transaction paves the way for the creation of a new pan-European trading venture through a merger of the businesses of Turquoise and the LSE's own dark pool Baikal.

The new venture, which will continue to trade under the Turquoise name, will use technology from the LSE's IT subsidiary MellenniumIT, replacing the current Cinnober platform employed at Turquoise.

David Lester has been appointed CEO of Turquoise, in addition to his role as director of information services for London Stock Exchange Group. Last week the LSE appointed Antoine Shagoury chief information officer (CIO), freeing up Lester to concentrate on the Turquoise/Baikal integration.

The appointment marks the end of former Lehman staffer John Wilson's two-year reign as Baikal CEO. Wilson is moving on take on the role of executive chairman at ETX Capital, the UK-based financial spread betting and CFD venture, while Turquoise CEO Eli Lederman will be 'stepping aside' to make way for Lester.

Says Lester of his new role: "Turquoise's existing pan-European footprint is a strong proposition and together with the introduction of new trading technology, strong governance and a neutral structure, we believe we are well positioned to innovate and build market share."

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