Banks chose BT for Project Turquoise

Project Turquoise, the trading facility set up by nine large European investment banks, has chosen BT to host its trading platform, in the build up to its September launch.

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Project Turquoise, the trading facility set up by nine large European investment banks, has chosen BT to host its trading platform, in the build up to its September launch.

The value of the deal was not disclosed.

Turquoise said on Tuesday that its trading platform would be hosted in two of BT's datacentres in London, connecting to clients via the BT-owned Radianz network. Turquoise 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.

"It is vital that we deliver on our aim of providing a platform capable of providing high throughputs with very low latency over a trusted network that will have the capacity to allow our users to co-locate," said Yann L'Huillier, chief technology officer of Turquoise.

Members of Turquoise would be able to access the trading facility through a number of connectivity options including the Radianz Shared Market Infrastructure, which is a platform that offers access to over 10,500 financial services sites worldwide.

Turquoise, which is backed by nine of the world's biggest investment banks, has made a series of technology announcements in recent months, including the selection of AppLabs as a developer testing partner and the appointment of L'Huillier as CTO.

The trading facility is planning a September launch, but was originally scheduled to launch in November 2007.

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