Turquoise, the pan-European equity trading platform backed by nine of Europes investment banks, was officially launched at an “Opening Bell” ceremony by Peter Gibbs, Chairman and Eli Lederman, Chief Executive in the Turquoise offices at 8am this morning. The ringing of the Turquoise Bell, cast nearby at the Whitechapel Bell Foundry Britains oldest continuously operated manufacturing company – heralds Turquoises formal opening. The bell symbolises the traditional values of reliability and integrity that have characterised successful exchanges through history, and informs the market that while Turquoise operates the most sophisticated modern technology it recognises its role at the centre of capital markets.
Over the last five weeks, Turquoise has added stocks and countries in a planned, deliberate process to ensure its orderly adoption by members and its integration with other components of market infrastructure. The formal opening today represents the end of this rollout, and the start of a new phase in the development of the Turquoise market.
Turquoises unique market model offers valuable liquidity to traders of small orders at high frequency and dark orders in institutional size.
In the three weeks since it began trading in over 1200 stocks across 13 European countries, Turquoise has reached a number of trading milestones:
– Cumulative value of 10 billion traded- 1 billion traded on 4 consecutive days- 6 billion traded in the week of 15 September- In over 90 stocks, market share regularly in excess of 5%- 30 million inbound messages on a daily basis- On target to reach 5% market share for year end 2008
As part of its formal launch, the Turquoise MTF (Multilateral Trading Facility) also announced today that:
A public marketing campaign, Europe‟s Turning Turquoise, begins today to raise awareness of Turquoise and its value to both trading members and end-investors in equities.
“Were thrilled to have reached this point with Turquoise, having assembled a first-class team and executed on the plan we laid out just 10 months ago,” says Eli Lederman, chief executive of Turquoise. “Our controlled roll-out of the market over the last few weeks has allowed us to introduce Turquoise responsibly. While were very pleased with the initial market share gains, we know that volumes develop over time. More important is to have launched as we now have, and to have established Turquoise credentials with market-leading technology and progressive functionality.
“A real exchange needs a bell, after all, and the Turquoise Bell is a work of art, a delicate touch and a hardened metaphor for this new Company,” says Lederman. “Turquoise offers innovative trading services in an evolving marketplace and the exquisite craftsmanship of a 500 year old foundry helps to keep Turquoises commitment to efficient markets in perspective.
“As Turquoise transitioned from concept to execution and, now, to delivery, the executive management team have adhered to a clear plan,” says Peter Gibbs, chairman. “We conduct an orderly market with outstanding benefits to its members and a clear value proposition in a competitive environment. Were excited about the next phases of Turquoises development and are committed to serving with market-leading technology and organisational integrity. We operate an independent company with a clear governance structure thats vitally important today to members, to regulators and to investors at large.”
D.C.