24.2.2011
By Simon Miller
The London Stock Exchange (LSEG) is building on its pan-European derivatives business with the creation of Turquoise Derivatives.
With the completion its acquisition of Turquoise Trading, LSEG is merging Turquoise and Baikal Global for the trading venture.
LSEG said the venture aims to drive European trading volume growth and promote venue choice and would benefit from synergies with LSEG infrastructure and the planned migration to MillenniumIT trading technology.
David Lester has been appointed Turquoise CEO and continues as director of information services at LSEG.
He commented: "The European marketplace for trading securities has significant scope to become more efficient and to grow in the coming years. 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."
LCH Clearnet will act as CCP to the new market while TMX will supply its derivative trading technology SOLA, which is already used by EDX London which is merging ito the venture.
Baikal’s CEO John Wilson has stood down from his role following the acquisition and Eli Lederman also steps aside from being chief executive at Turquoise.
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