Project Turquoise, a European equity trading platform backed by seven of the world’s largest investment banks, is set to go live in the first quarter of next year, later than planned, Financial News reports.
The delay comes as the banking consortium suffered another setback in its attempt to find a chief executive to run the business.
The seven banks, which between them control about half of Europe’s equity trading, have agreed to aim to go live before the start of April next year, according to a source close to the consortium.
The banks have never specified a date but said at the time of the project’s launch in November it would be operational this year.
The consortium has yet to appoint a chief executive or announce a technology partner to build the system, although OMX, a Nordic and Baltic exchange operator that runs a technology business, is believed to be the favourite for that position.