LSEG Completes Turquoise Transaction to Create New Pan-European Venture
London Stock Exchange Group plc (LSEG) has completed its acquisition of Turquoise Trading Limited (Turquoise), paving the way for the creation of a new pan-European trading venture through a merger of the businesses of Turquoise and Baikal Global Limited (Baikal).
The new venture, which will continue to trade under the Turquoise name, aims to drive European trading volume growth and promote venue choice. It will benefit from synergies with LSEG infrastructure and the planned migration to MillenniumIT trading technology.
David Lester has been appointed CEO of Turquoise, in addition to his role as Director of Information Services for London Stock Exchange Group. Commenting on the completion, he said:
"I am really looking forward to working with the Turquoise and Baikal teams, and with clients, to build a successful pan-European trading business. Working in partnership with a number of major global banking firms, we have a tremendous opportunity to offer an attractive range of highly relevant and competitively priced products and services across Europe.
"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."
Following completion of the transaction, John Wilson, CEO of Baikal has decided to leave the company to pursue a new challenge. John leaves with LSEG’s best wishes and gratitude for his leadership of Baikal over the past two years.
Eli Lederman is stepping aside from his role as Turquoise Chief Executive. LSEG will build on the business he has been integral to developing.
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For further information, please contact:
Patrick Humphris LSEG Press Office +44 (0)20 7797 1222
Patrick Donovan Citigate Dewe Rogerson +44 (0)20 7638 9571
Paul Froud LSEG Investor Relations +44 (0)20 7797 3322
Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group is Europe's leading diversified exchange business, incorporating Borsa Italiana and the London Stock Exchange. With over 500 member firms and more than 3,000 companies quoted across its markets, the Group operates the largest and most liquid equity marketplace in Europe.
The London Stock Exchange itself is the world's most international exchange with more than 600 overseas companies from over 70 countries. These figures include international companies quoted on the Alternative Investment Market (AIM), the London Stock Exchange's growth market, and the world's most successful market for small and medium sized enterprises with over 1,200 companies.
The Group offers trading in a wide range of instruments, holding the number one position in the trading of exchange-traded products (ETFs and ETCs) and through its interest in MTS, is Europe’s leading platform for the trading of fixed income products. Through the Order Book for Retail Bonds (ORB) and Mercato Telematico delle Obbligazioni (MOT) the Group also offers a comprehensive range of UK and European corporate and government bond trading services. Its Italian Derivatives Exchange Market (IDEM) sees over €2.5 billion worth of trading every day and through EDX London the Group provides a facility for the trading of Scandinavian and Russian equity derivatives.
London Stock Exchange Group also offers post-trade services such as netting, clearing and settlement on an efficient and competitive basis. These include services from Monte Titoli, the Central Securities Depository for all Italian financial instruments, and Cassa di Compensazione & Garanzia (CC&G), which in July 2009 was granted Recognised Overseas Clearing House (ROCH) status by the FSA to operate in the UK.
Now with the recent acquisition of MillenniumIT, the Group also encompasses a leading developer of low cost high performance trading platforms and financial markets software serving both the industry and the Group's own businesses.