Wednesday, October 17, 2007

A PLUS for Project Turquoise

A week or two couldn't go by without some more news surrounding MiFID. And it seems that the latest is a revival in Project Turquoise's flagging fortunes. You know Project Turquoise, the multi-lateral trading facility announced by seven leading investment banks that has yet to get off the ground?

Well according to a report in Financial News, Project Turquoise looks like it may finally have 'lift off' with the announcement that it had moved to buy PLUS Markets, a London-based quote-driven electronic trading platform which trades more than 1,000 shares of largely small and mid cap stocks.

The deal has yet to be confirmed by either side but it would certainly give Project Turquoise the hand-up it needs as it still has not settled on a technology platform and has had well publicised difficulties finding a CEO.

Interestingly, PLUS Markets is installing a new trading platform, supplied by the Nordic Exchange Group, OMX, who Project Turquoise were also looking to purchase technology from. PLUS Markets new trading platform will support its "enlarged trading services offering under MiFID" and extend its share coverage to UK and EU liquid shares and some 7,500 securities.

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