Project Turquoise
From Wikipedia, the free encyclopedia
Project Turquoise is a planned equities trading platform, 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.[1] It will be a hybrid system that allows trading both on and off traditional exchanges.[2] The system is advertised as a "pan-European platform that will be based in London."[1]
The banks involved are: BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale and UBS. The group have selected European Central Counterparty to provide clearing and settlement services.[3] 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[4].
Turquoise is scheduled for launch on September 2008[5].
[edit] Notes and references
- ^ a b Bland, Ben. "Analysts divided over trading 'threat' to LSE". The Daily Telegraph. 29 May 2007.
- ^ Cohen, Norma (2007-05-24). 'Dark pools' emerge in Project Turquoise. FT.com. Retrieved on 2007-05-29.
- ^ Project Turquoise banks select EuroCCP for clearing and settlement. Finextra.com (2007-04-18). Retrieved on 2007-05-29.
- ^ Turquoise moves to combat market abuse. Financial Time (2008-01-28). Retrieved on 2008-02-08.
- ^ Turquoise exec is counting down to September launch. Dow Jones (2008-03-24). Retrieved on 2008-04-03.
