Stock trading venueTurquoisehas its technology adoption
plan in place as it targets the early summer for its
launch.
The alternative stock trading platform, which was set up by
seven investment banks to offer an alternative to the
London Stock Exchange, is currently developing its core trading
system, is in the last stages of selecting the technology provider
for its surveillance system and will soon announce its testing
partner.
Turquoise chose Cinnober as its trading platform provider in
October after it split from merger talks with Plus Markets which
would have seen it adopt a trading platform made by OMX
Technology.
A spokesman at Turquoise said, "A lot of work was took place
last year with OMX about how we do certain things and some of this
will continue with Cinnober."
Bob McDowall, senior analyst at TowerGroup, said the fact that
Turquoise is developing a bespoke platform with Cinnober could lead
to delays. "In hindsight, with the credit crunch and the fact that
MiFID is developing as an evolution rather than a revolution,
delays may not actually disadvantage it competitively."