London Stock Exchange completes Turquoise takeover

The London Stock Exchange has completed its takeover of trading venue Turquoise, which sees former CIO David Lester become CEO of the combined Baikal and Turquoise operation.

The London Stock Exchange has completed its takeover of trading venue Turquoise, which sees former CIO David Lester become CEO of the combined Baikal and Turquoise operation.

The London Stock Exchange now owns 60% of the shares in Turquoise and will run the platform.

Lester will remain head of information services of the group, but much of his time will be taken up integrating Turquoise and Baikal and extracting savings from overlap, said a company spokesman.

"The key will be integrating the combined business to the MilleniumIT platform. We expect this to be complete and ready for full customer testing in the summer," he added.

John Wilson, who was CEO at Baikal, has stepped down, as has Turquoise CEO Eli Lederman.

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