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’Trouble at Turquoise… [updated]
Something very murky indeed went on in the London Stock Exchange’s flagship Turquoise trading system on Tuesday.
We know that because the LSE told us (via Reuters):
RTRS-LSE SAYS TRADING DISRUPTION TO TURQUOISE MAY HAVE OCCURRED IN “SUSPICIOUS CIRCUMSTANCES”
The LSE makes history (updated)
The London Stock Exchange chalked up a fresh milestone on Tuesday – but probably not one its executives will want to remember.
From Bloomberg:
March 23 (Bloomberg) — London Stock Exchange Group Plc’s share of FTSE 100 Index stock transactions fell below 50 percent for the first time in intraday trading as Europe’s oldest independent bourse lost more ground to alternative trading systems.
Snap news
Breaking pre-market news on Monday,
- Kraft looks for shareholder approval to issue shares for Cadbury bid – statement.
- London Stock Exchange announces acquisition of Turquoise – statement.
- Nigerian oil minister says Shell has not informed Nigeria of any plans to sell oil fields – Reuters.
LSE poised to absorb Turquoise
The London Stock Exchange is nearing a deal to absorb Turquoise, the pan-European share trading platform, into a new joint venture. The fate of Turquoise will be determined within two weeks as talks are finalised with the platform’s backers.
LSE in talks to buy Turquoise
The London Stock Exchange on Thursday said it was in exclusive talks with bank share-holders of Turquoise to buy the share trading platform, launched only a year ago to compete against the 208-year-old exchange.
LSE goes for Turquoise
It’s like Xavier Rolet came into the job of chief executive at the London Stock Exchange and said: “Right, here’s the strategy. Everything that Dame didn’t want to do, we do. Every opportunity she shunned,
Turquoise hires UBS to seek a buyer
The banks that own Turquoise, the pan-European share trading facility, have hired UBS to find potential buyers for the business. Bankers suggested Turquoise could be sold for £25m to £50m, though the business’s strategic importance is larger than that price suggests.
Turquoise down
MARKET ALERT.
Due to a system outage, the trading session today is being suspended. We will send an e-mail update when a re-opening time has been defined. We are currently working to overcome all issues and apologize for any inconvenience.
Turquoise to launch new service
Turquoise on Monday became the latest trading platform to tackle the increasing fragmentation of liquidity in European equity markets, saying it had received UK regulatory approval for a new service that aggregates large orders and routes them out to other trading venues.
Turquoise secure after fundraising
Turquoise, the share trading platform launched four months ago, has raised enough money in a recent round of funding to secure its financial position for the rest of the year, the company said Wednesday.
Weekend catch-up: Rubin, hedge funds, Turquoise, ABI
In case you missed these stories:
Rubin: Don’t blame me for Citi
Former US Treasury secretary Robert Rubin said the near-collapse of Citigroup, where he is a senior counsellor, was due to the buckling financial system and not his own mistakes,
Nasdaq takes aim at LSE listings
Nasdaq OMX, the transatlantic exchange group, plans to set up a listings venue in London in direct competition with the London Stock Exchange for IPOs. The move is part of a multi-pronged effort to expand in Europe and comes two years after Nasdaq’s failed attempt to buy the LSE.
NYSE Euronext to launch ‘Octopus’
NYSE Euronext, the transatlantic exchange operator, will combat alternative share trading platforms in Europe with plans to be the first exchange to launch one of its own, escalating the battle for regional market share.
LSE to slash fees amid competition
The London Stock Exchange will on Monday introduce deep fee cuts and incentives for traders in the latest sign of growing efforts by Europe’s exchanges to defend themselves against a wave of new entrants in equities trading.
MTF platforms set to proliferate
Up to three more alternative European equities platforms are in the pipeline in addition to the previously announced ventures such as Turquoise, BATS Trading and Equiduct, according to Fortis, the Belgo-Dutch bank.
Turquoise launches limited trading
Turquoise, the panEuropean equities platform, will on Monday embark on its first full week of limited trading as the investment bank-backed venture marks the latest challenge to the region’s established exchanges.
Turquoise and Chi-X suffer Italian blow
Turquoise and Chi-X will not be able to offer trading in Italian equities as planned within weeks due to problems with Borsa Italiana’s settlement system provider, the two European equities trading platforms said Tuesday.
“Rich functionality and high performance”
“Dark and visible.”
“Platitude AND paradox.”
More bad news for the LSE.
Turquoise continues its ineluctable rise to dark-pooldom; winning regulatory approval on Monday from the FSA. (Due to launch August).
Turquoise sets launch date
Turquoise, one of four new equity trading platforms emerging in Europe, on Tuesday set a firm date for its highly anticipated launch as the platform gears up to challenge established exchanges in the region.
Turquoise names chief from Morgan Stanley
Project Turquoise, the investment bank-backed project to build a trading platform that competes with Europe’s stock exchanges, will on Thursday announce the appointment of both a chief executive and a technology provider.
Weekend catch-up
Plus pulls out of Turquoise deal
Merger talks that could have created a strong competitor to Europe’s big stock exchanges broke down after Plus Markets said it was unable to agree a deal with the big banks behind Project Turquoise.
Plus Markets could get Tortoise moving
Turquoise, the inter-bank effort to come up with a rival trading platform to the LSE, has attracted a new moniker in certain circles: Tortoise. Given the firepower of the investment banks involved, some market participants are crest-fallen that this pretender to the stock exchange’s crown hasn’t been advancing a little more rapidly.