London Stock Exchange takes over Turquoise

London Stock Exchange takes over Turquoise

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Monday, 21, Dec 2009 09:38

By Richard James.

The London Stock Exchange has announced it has agreed a deal to take over rival trading platform Turquoise.

The LSE announced on Monday morning it will merge Turquoise with its own Baikal operation, creating a "new pan-European trading venture".

The new venture will be 60 per cent owned by the LSE and 40 per cent owned by existing Turquoise shareholders.

Turquoise was set up last year by nine investment banks as an attempt to challenge the dominance of the London Stock Exchange.

The new venture gained seven per cent of the market, despite making a loss.

Commenting on the new merger, Xavier Rolet, chief executive of the LSE, said: "The European marketplace for trading securities has scope to become more efficient and to grow significantly in the coming years.

"Turquoise's existing pan-European footprint is a strong proposition and together with the introduction of new trading technology and a neutral structure, we believe it is now well positioned to be an agent of change and to capture a healthy slice of the market's growth potential."