Companies
LSE rival moves nearer to reality
Attempts by a group of investment banks to set up Project
Turquoise – a pan-European trading platform that will rival the
London Stock Exchange
(LSE) – have moved a step nearer to fruition with the appointment of
EuroCCP to provide clearing and settlement
services.
Nils Pratley, writing in
The Guardian (19 April), said despite
Turquoise originally being dismissed as a grand piece of posturing, it is
beginning to look as if the banks might actually launch it.
In fact, argued Pratley, the original scepticism has
probably worked in Turquoise’s favour, retention of an element of surprise being
a useful weapon if challenging the LSE is really an objective.
However, the Financial Times’
Lombard argued that the appointment of EuroCCP probably only slightly increases
the venture’s likelihood of success. Lombard noted that the project has not yet
built a trading platform or appointed a senior management team, and suggested it
is hard to see how it is going to be running by the year end as planned.
Links
London Stock Exchange
EuroCCP
The Guardian
Financial Times
May 2007
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