Turquoise announces new board structure
- Combines strengths of LSE Group and Turquoise
Today Turquoise Global Holdings Limited has announced a new board structure.
Current CEO, David Lester is to step up to the role of Chairman and Adrian Farnham, currently COO, has been appointed CEO. Xavier Rolet will be stepping down as Chairman of the company. The changes are being made with immediate effect.
In addition London Stock Exchange Group Head of Equities and Derivatives, Nicolas Bertrand will be joining the Board of Turquoise.
David Lester Chairman of Turquoise and Director of Information Services at London Stock Exchange Group said:
"Turquoise has performed extremely well over the last year, building its market share, reducing costs and re-enforcing the Group's innovative approach to its client partnerships. In March we had our second consecutive record month for total value of trades, almost double the same month last year and our strategy for pan-European derivatives is in place with the merger with EDX expected to complete in May.
"The new management appointments will provide Turquoise with greater scope to drive its business forward and expand its increasingly important role in pan-European equities and derivatives markets.
"On behalf of the board I would like to congratulate Adrian in his new role and welcome Nicolas Bertrand to the board."
Adrian Farnham, CEO of Turquoise said:
"I am delighted to be appointed CEO of Turquoise, and am looking forward to driving the company's ongoing developments in the coming weeks and months.
"Turquoise laid out some ambitious plans this time last year and as a business we have spent the last 12 months making good progress towards achieving those ambitions. The platform is now the fastest trading venue in Europe, it offers competitive pricing, fully risk-managed clearing solutions and in February held the leading market share in UK MTF dark trading. I am looking forward to leading the company towards new targets, creating our new and innovative pan-European derivatives service and developing and building this unique business as part of the LSE Group."
Nicolas Bertrand, Head of equities and derivatives at London Stock Exchange Group said:
"I am thrilled to be joining the board of Turquoise at such an exciting time in the company's development. I look forward to having the opportunity to contribute to the growth of the company and to support the business as it challenges its competitors in the derivatives space."
- ends -
For further information, please contact:
Lauren Crawley-Moore Press Office +44 (0)20 7797 1222
Notes to editors:
Turqouise Global Holdings Limited:
Turquoise is a market leading Multilateral Trading Facility (MTF) giving customers access to pan-European and US lit and dark equity trading in more than 2,000 global securities. Unique functionality in Turquoise's Integrated Book combines visible and non-displayed orders to deliver increased likelihood of execution and price improvement. Turquoise's Midpoint Book is an entirely non-displayed execution service, where trades execute at the midpoint of the bid-ask spread. Turquoise also operates TQ Lens, a non-displayed liquidity routing service, which offers clients access to the otherwise inaccessible internal crossing networks of their peers. Turquoise has been majority owned by the international diversified exchange business, London Stock Exchange Group, since February 2010.
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) sits at the heart of the world's financial community. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, offering pan-European and US lit and dark equity trading. Through its markets, the Group offers international business unrivalled access to Europe's capital markets.
The Group is a leading developer of high performance trading platforms and capital markets software and also offers its customers around the world an extensive range of real-time and reference data products and market-leading post-trade services.
Headquartered in London, United Kingdom with significant operations in Italy and Sri Lanka, the Group employs around 1500 people. Further information on London Stock Exchange Group can be found at http://www.londonstockexchangegroup.com/.