Talks between stock trading exchange Plus Markets and trading venue Turquoise, a fledgling competitor to the London Stock Exchange, ended last week after Turquoise ruled out adopting Plus Market's OMX technology platform.
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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.