An executive at investment bank Morgan Stanley has taken one of the senior jobs at Project Turquoise.
Adrian Farnham, executive director, operations at Morgan Stanley, has been given a coordinating role at the project – a pan-European multilateral trading facility (MTF) set up by seven of the world’s biggest investment banks, one of which is Morgan Stanley.
Farnham got the job thanks to his expertise in operations, and in particular his knowledge of the clearing and settlement space. His current title at Turquoise is thought to be acting chief operating officer.
However, it is unlikely Farnham is in the running for the top job at Project Turquoise. The project is understood to have narrowed its search down to two people, and Farnham is not thought to be one of them. Headhunting firm Armstrong International is conducting the project’s search for a CEO, according to a Daily Telegraph article published earlier this year.
The new CEO is unlikely to be announced before Turquoise unveils its trading platform, which it is close to doing. An announcement could be made by the end of the summer, the TRADE has been told.