Share trading platform Turquoise finally went live today (Friday) after months of delays.
The platform, which is owned by nine investment banks including Goldman Sachs, Merrill Lynch and Deutsche Bank, has become the latest trading rival to incumbent London Stock Exchange and other traditional bourses across Europe.
Headed up by Eli Lederman, will initially begin trading five major stocks from both the UK and Germany, but will quickly expand with the aim of trading shares in about 1,300 companies across 13 European markets by 5 September.
The banks have invested heavily in technology to power the new trading platform. Swedish technology provider Cinnober has supplied its trading platform technology. The clearing and settlement function is delivered by EuroCCP, a subsidiary of DTCC.
BT will host the Turquoise platform in two datacentres in London that connects clients via the BT-owned Radianz network. Turquoise has claimed the network would reduce latency, which is the time delay between an input being processed and the corresponding output, to less than a millisecond.
Other technology providers to the trading platform include AppLabs as a developer testing partner.
Yann L’Huillier, former CIO at the Boston Stock Exchange, is the chief technology officer at Turquoise and will report directly to Lederman.