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Turquoise promotes Farnham to CEO

Turquoise, the multilateral trading facility (MTF) majority-owned by the London Stock Exchange (LSE), has reshuffled its management and board structure, promoting Adrian Farnham to the role of CEO.

Former chief executive David Lester will now take the role of chairman of MTF, replacing Xavier Rolet, CEO of the LSE Group, who has stood down from the board. In addition, Nicolas Bertrand, the LSE Group's head of equities and derivatives will join the Turquoise board.

"Turquoise laid out some ambitious plans this time last year and as a business we have spent the last 12 months making good progress towards achieving those ambitions,” said Farnham. “The platform is now the fastest trading venue in Europe, it offers competitive pricing, fully risk-managed clearing solutions and in February held the leading market share in UK MTF dark trading,”

"The new management appointments will provide Turquoise with greater scope to drive its business forward and expand its increasingly important role in pan-European equities and derivatives markets,” added Lester.

The changes come as Eli Lederman, the CEO of Turquoise from its launch in 2008 until its acquisition by the LSE in 2010, awaits the decision of an employment tribunal relating to his dismissal as part of the takeover.