Stock trading venue Turquoise has 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."