London Stock Exchange yesterday unveiled ambitious plans to turn its Turquoise platform into the first European multilateral trading facility (MTF) to trade US equities during the European working day.
Turquoise, which is 51 per cent owned by the exchange and the rest by twelve investment banks, will offer dollar trading in 175 of the most liquid US stocks, American depositary receipts (ADRs) and exchange traded funds (ETFs), from 23 April.
The move means City traders will be able to deal in well-known companies such as Citigroup, Apple and Vodafone during European trading hours.
It comes amid a large-scale revamp of the LSE’s offering by chief executive Xavier Rolet, designed to win back custom for the exchange as its long-standing dominance in the London market is increasingly challenged by newer rivals such as Chi-X and BATS Europe.