London Stock Exchange Group to acquire majority stake in Turquoise

22 December 2009

The London Stock Exchange Group (LSEG) has unveiled details of a new deal to take a controlling share in Turquoise Trading Limited (Turquoise).

According to the LSEG, it is to acquire a 60 per cent stake in a new Multilateral Trading Facility (MTF), which is aimed at expanding the group’s services across Europe.

The new trading venture will operate under the name of Turquoise and follows a merger between the latter with the LSEG’s ‘dark pool’ business, Baikal Global Limited.

LSEG is anticipating investing up to £20 million in the electronic MTF for restructuring as well as writing off legacy technology costs.

Xavier Rolet, chief executive of LSEG and chairman-designate of the new venture, said: "We are very pleased to be joining forces with a number of our major clients in a partnership which we believe will offer an attractive range of innovative and competitively priced products and services across Europe.

"Turquoise’s existing pan-European footprint is a strong proposition and together with the introduction of new trading technology and a neutral structure, we believe it is now well positioned to be an agent of change and to capture a healthy slice of the market's growth potential."

LSEG is also looking to broaden the base of shareholders by selling nine per cent of its stock to other interested parties.

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