THE LONDON Stock Exchange yesterday put the finishing touches to its acquisition of trading platform rival Turquoise, as it announced a shake-up of the new venture’s management team.
The merged business, which combines Turquoise and the LSE’s dark pool trading facility Baikal to form a pan-European trading platform, will be led by David Lester, the former director of information services at the stock exchange.
Current Turquoise chief Eli Lederman has stepped aside after over two years at the helm, while Baikal chief executive John Wilson has left to join financial spread better ETX Capital as executive chairman.
Turquoise was originally set up by a consortium of nine founding banks as a rival to the LSE’s dominance in the markets.
It is just one of a clutch of so-called “multilateral trading facilities” (MTFs) that have been pilfering market share from the traditional bourses since a European Commission directive opened up competition in the share trading markets in 2007.