Turquoise attracts 3 new investors

  • LSEG sells nine per cent stake taking its holding to 51 per cent

London Stock Exchange Group (LSEG) has today sold nine per cent of its stake in the holding company for the merged Turquoise and Baikal businesses, to three global banking clients. Barclays Bank plc, J.P. Morgan Cazenove and Nomura have each bought three per cent stakes for £1 million in cash each.

This brings the total number of shareholders in Turquoise to twelve global investment banks and LSEG which will retain a 51 per cent controlling stake.

David Lester, CEO of Turquoise, said:

“We are delighted that Barclays, J.P. Morgan Cazenove and Nomura have taken stakes in Turquoise, further extending the partnership with our major banking clients. Our desire is to work with all participants to grow the market for trading European shares and Turquoise’s share of that marketplace in both lit and dark. We have set ambitious plans for this year with the introduction of new trading technology and additional products and services as well as promoting existing products such as TQ Lens, the innovative non-displayed liquidity aggregation service.”

Dixit Joshi, Head of Equities EMEA and Asia Pacific for Barclays Capital, said:

“The European equity business is a rapidly evolving market structure which is becoming increasingly similar to that of the US; an area where we are a market leader. Our stake in Turquoise underpins Barclays Capital’s commitment to providing liquidity and best execution for our clients.”

Alan Carruthers, Head of EMEA Cash Equities at J.P. Morgan Cazenove, said:

“We are very excited about our new partnership with the London Stock Exchange Group. LSEG's commitment to investing in new trading technology and developing new products and services will position Turquoise well in the competitive pan European MTF landscape.”

Rachid Bouzouba, Co-Head of Global Equities at Nomura, said:

“Nomura is committed to becoming a top liquidity provider and the aggregator of choice in Europe, equipping its clients with access to all available liquidity pools. We have worked closely with the London Stock Exchange over the last year to achieve this goal and our stake in Turquoise is the logical next step as we reinforce our leading position across the European markets.”

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Lucie Holloway

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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.

With the acquisition of MillenniumIT, the Group 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.

Since February 2010 London Stock Exchange Group has owned a majority stake in Turquoise, a Mulitlateral Trading Facility (MTF) providing pan-European lit and dark equity trading in some 1,700 securities across 17 countries.