Turquoise, the multi-lateral trading facility (MTF) being set up by seven European investment banks, has appointed Eli Lederman as its chief executive officer.
Lederman will take on the role of chief executive officer of Turquoise from 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.
Mr Lederman joined Morgan Stanley in New York in 1993 and was instrumental in developing the US equity electronic trading business, prior to moving to London in 2001 and establishing Morgan Stanley as a leading provider of electronic trading in Europe.
“We have in Turquoise the key ingredients for success – expertise, liquidity and great motivation. 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. A successful Turquoise will inject competition into Europe’s trading venues and improve market dynamics in terms of cost, technology and overall quality of execution. All market participants, including end-owners of assets, will share in the benefits,” claims Lederman.