The new venture, which will continue to trade under the Turquoise name, aims to drive European trading volume growth and promote venue choice. The new venture will benefit from synergies with LSEG infrastructure and the planned migration to MillenniumIT trading technology.
Following completion of the transaction, John Wilson, CEO of Baikal has decided to leave the company and Eli Lederman is stepping aside from his role as Turquoise chief executive. David Lester has been appointed as CEO of Turquoise, in addition to his role as director of information services for LSEG.
Mr Lester 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.”
