Trading: Turquoise starts to take shape
After months of silence and little sign of progress, Project Turquoise, an initiative started by a consortium of seven leading investment banks to create a pan-European multilateral trading facility, has started to take some concrete steps and gain credibility.
"Our market will have a ‘lit’ order book with a dark pool behind it and will offer users the possibility of matching between the two"
Months after Chi-X, a rival MTF run by Instinet, began operations, the consortium behind Project Turquoise has announced the appointment of a CEO and management team, led by Eli Lederman, CEO, and Adrian Farnham, COO, two executives from Morgan Stanley’s electronic trading business. Project Turquoise this November also announced the appointment of a chief technology officer, Yann L’Huillier, the former chief information officer of the Boston Stock Exchange, and its chosen technology partner, Synober, which was also the chosen partner of Project Boat, another investment bank consortium-backed company that handles trade data.
The appointments and the decision to transform the initiative from a highly fractious collaboration between investment banks into an independent company collectively owned by the banks should help streamline decision-making and enable the much-delayed project to get going.
Lederman sheds some eagerly awaited light on Project Turquoise’s plans.
"Our market will have a ‘lit’ order book with a dark pool behind it and will offer users the possibility of matching between the two," explains Lederman.