Pan-European multilateral trading facility (MTF) Turquoise has revealed plans to switch trading platforms by early September, slightly earlier than the proposed migration of its parent, the London Stock Exchange (LSE).
The LSE, which bought a controlling stake in bank-owned Turquoise at the start of the year, said in February that it had begun lab testing Millennium Exchange, a trading platform developed by Sri-Lankan technology company MillenniumIT, which the LSE purchased for $30 million last October. The LSE plans to move to the new platform in late September.
According to documents seen by theTRADEnews.com, testing for Turquoise’s migration to Millennium Exchange will start from early May, with a full launch scheduled between late August 2010 and early September 2010. Turquoise currently uses a trading platform supplied by Swedish technology firm Cinnober.
Turquoise’s shift will be made using a ‘big-bang’ approach, meaning both its integrated and dark mid-point order books will commence trading on Millennium Exchange on the same day.
Natan Tiefenbrun, commercial director, Turquoise, told theTRADEnews.com, that the MTF’s move to Millennium Exchange would effectively act as a dry run for the LSE’s migration.
“Clients wanted Turquoise to go first because it de-risks their LSE migration,” said Tiefenbrun. “We want to go first because we expect dramatic growth in our business on the new platform and don’t want to wait any longer than necessary.”