Talks between stock trading exchange Plus Markets
andtrading venue Turquoise, a fledgling
competitor to the London Stock Exchange, ended last week
afterTurquoiseruled out adopting Plus
Market's OMX technology platform.
Turquoise, which was set up by seven global investment banks,
has now chosen
Cinnober as the supplier of its trading platform.
The company also appointed Eli Lederman, currently managing
director of financial services firm
Morgan Stanley's sales and trading division, as chief
executive. Lederman has experience of working with electronic
trading platforms.
A Turquoise spokesman said, "One of the benefits of Plus
Markets is its relationship with OMX, but, as we looked at it
closely, OMX was not what we wanted it to be.
"We have been running a dual-track strategy to choose a
technology partner."
Cinnober, which was set up in 1998 by four people, including two
former OMX employees, provides technology to companies including
the London Metal Exchange, Borsa Italiana and trade-reporting venue
Boat.
Jan Apri, chief executive at Cinnober, said its platform, known
as Tradexpress, is 100% Java-based. "It offers flexibility and is
database independent," he said.
Plus Markets initially attracted Turquoise because of its OMX
technology platform and the technology skills of its management
staff. Plus Markets is in the final stages of installing a £6.7m
trading platform from OMX, which will be operational early next
month.