Turquoise, the new European equity trading platform backed by nine major investment banks, is passing milestone after milestone in the bid to challenge Europe’s stock exchanges and build a new MTF.
The Cinnober powered trading system conducted a “limited live trading” exercise and has been gradually adding new stocks and geographical markets since August 15. As of yesterday all of the markets available for trading concluded their settlement cycles and effective settlement has now occurred in each of the 13 countries. And today the whole market of 1267 stocks is available through Turquoise.
- We’re of course excited to be deeply involved in such a prestigious project that has impact on the whole industry, comments Jan Arpi, CEO of Cinnober. Our people continue to work closely alongside Turquoise’s dedicated team. We are looking forward to later on this month when the full complement of market makers in the leading stocks will be in place and into the autumn when the system will start to gain momentum in terms of increased volumes.
During the last quarter of 2007 Turquoise appointed Cinnober as their supplier of trading platform technology. The decision to select Cinnober came after an in-depth review of a wide range of possible suppliers. Cinnober’s TRADExpress technology best matched Turquoise’s requirements for state of the art, functionally rich solution with exceptional reliability and low latency.