- Project Turquoise
Project Turquoise is a planned equities trading platform (
Multilateral trading facility orMTF ), which is currently being designed by nine major investment banks. The consortium hopes the system will provide dealing services at a 50% discount to traditional exchanges.Bland, Ben. "Analysts divided over trading 'threat' to LSE". "The Daily Telegraph".29 May 2007 .] It will be a hybrid system that allows trading both on and off traditional exchanges. [cite web | url=http://www.ft.com/cms/s/cd7ca676-0a38-11dc-93ae-000b5df10621,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2Fcd7ca676-0a38-11dc-93ae-000b5df10621.html&_i_referer=http%3A%2F%2Fwww.google.co.uk%2Fsearch%3Fhl%3Den | title='Dark pools' emerge in Project Turquoise | accessdate=2007-05-29 | author=Cohen, Norma | publisher=FT.com | date=2007-05-24] The system is advertised as a "pan-European platform that will be based inLondon ."The banks involved are:
BNP Paribas , Citi,Credit Suisse ,Deutsche Bank ,Goldman Sachs ,Merrill Lynch ,Morgan Stanley ,Société Générale andUBS . The group have selectedEuropean Central Counterparty to provide clearing and settlement services. [cite web | url=http://www.finextra.com/fullstory.asp?id=16810 | title=Project Turquoise banks select EuroCCP for clearing and settlement | accessdate=2007-05-29 | publisher=Finextra.com | date=2007-04-18] The group has recently selected Sweden's Cinnober as its trading platform. Turquoise is also to develop a real-time market surveillance system that will capture market abuse, the system will be based on the Progress Apama Complex Event Processing (CEP) Platform [cite web | url=http://www.ft.com/cms/s/0/33c69a60-cd3c-11dc-9b2b-000077b07658.html | title=Turquoise moves to combat market abuse | accessdate=2008-02-08 | publisher=Financial Time | date=2008-01-28] .Turquoise was successfully launched on August 15 2008.
Notes and references
External links
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* [http://www.thetradenews.com/trading/exchanges/812 TheTradeNews.com: "Project Turquoise appoints EuroCCP and Citigroup as its clearing and settlement agents"]
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