Turquoise
| Turquoise Services Limited
|
|
|---|---|
 |
|
| legal form | Limited Company |
| founding | 2008 |
| Seat |
London United Kingdom
|
| Branch | Trading systems |
| Website | www.tradeturquoise.com |
The Turquoise is a London trading platform which commenced trading as a competitor to the established stock exchanges from 15 August, 2008. Turquoise is a multilateral trading system .
backgrounds
The Turquoise exchange is being set up by nine investment banks ( BNP Paribas , Citigroup , Credit Suisse , Deutsche Bank , Goldman Sachs , Merrill Lynch , Morgan Stanley , Société Générale and UBS ). Together, these account for around 45% of the trading volume on European stock exchanges. Similar to the XETRA trading system, it is a fully electronic trading platform for trading all types of securities . In particular, the relatively high fees paid by the banks to the regional stock exchanges, combined with the high trading volume of the large international investment banks, led to considerations to develop their own alternative trading platform .
While some market experts see a risk to the market position of the established exchanges, others are of the opinion that such alternative trading platforms are only used as leverage for fee negotiations. In particular, the different interests of the highly competitive investment banks could permanently damage a project like Turquoise. Particularly in very volatile market times, liquidity is one of the most important properties of a trading platform. Since alternative, new offers can hardly be offered on a comparable scale to established stock exchanges, some experts see such projects as doomed to failure. There are also major market entry barriers due to the necessary IT infrastructure, approvals and contact with the regulatory authorities.
history
Initial considerations for setting up the stock exchange came up in the winter of 2006, when Citigroup , Credit Suisse , Deutsche Bank , Goldman Sachs , Merrill Lynch , Morgan Stanley and UBS joined forces in November 2006 to develop a joint trading platform. In 2007, BNP Paribas and Société Générale also joined the consortium .
Since December 2007 the Turquoise project has been led by Eli Lederman.
On December 21, 2009, the London Stock Exchange Group (LSEG), which previously owned seven percent of Turquoise, announced that it would increase its stake to 60 percent. The Turquoise business was then incorporated into the group.
See also
Individual evidence
- ^ P. Davis: The gray areas of Project Turquoise . Ed .: Financial World. July / August, 2007 (English).