Turquoise, the multi-lateral trading facility (MTF) being set up by a consortium of European investment banks, has appointed Morgan Stanley executive Eli Lederman as its chief executive officer and Swedish technology firm Cinnober as its trading platform provider. The announcement ends months of speculation about who would run the MTF and provide its trading infrastructure.
In addition, two more investment banks – BNP Paribas and Société Générale Corporate & Investment Banking – have joined Turquoise, each taking a 3% stake in the consortium. This brings the total number of members to nine.
Turquoise will use Cinnober's TRADExpress technology for its trading platform. The consortium says it chose Cinnober after an in-depth review of a wide range of possible suppliers.
With its new platform, Turquoise will offer what it calls a hybrid trading facility – a traditional transparent order book, which will have priority, and a dark pool within the same matching engine and order book.
Lederman will become Turquoise's CEO on 1 December. He is currently a managing director in Morgan Stanley's sales and trading division, where he oversees the European electronic trading business for equity and fixed income products.
"The consortium has done important work for us to build upon and with my appointment we will now streamline decision-making and move this young business forward quickly," Lederman said in a statement.