Nasdaq offers European stock exchange its equity trading platform


Nasdaq offers European stock exchange its equity trading platform

Will Hadfield

US stock exchange Nasdaq has offered its INet equity trading platform to the consortium of banks known as Project Turquoise that are building a pan-European stock exchange.

Nasdaq had been considered unlikely to licence its platform to any of the European stock exchanges because of its bid for the London Stock Exchange.

With no sign of the LSE agreeing to a takeover last week, Nasdaq chief executive Rob Greifeld told the Financial Times that Nasdaq has already met Project Turquoise representatives.

Project Turquoise was set up by seven investment banks, including Deutsche Bank, Goldman Sachs and Merrill Lynch, that want to take advantage of new European Union regulations that will enable them to set up their own stock exchange.

The Markets in Financial Instruments Directive (Mifid), which come into force on 1 November, strips away the regulations that national stock exchanges use to make banks trade on their platforms.

The consortium of banks, which is also backed by Citigroup, Credit Suisse, Morgan Stanley and UBS, expects that building a new not-for-profit stock exchange will be cheaper in the long run than continuing to use the national exchanges.

Related article: The technology challenges in building new exchanges

Related article: City IT professionals offered training for second Big Bang

JWG-IT - The Think Tank for EU-driven IT change in financial services

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