London Stock Exchange completes Turquoise transaction, appoints new CEO
First Published 31st December 1969
LSE completes Turquoise / Baikal merger, David Lester appointed CEO, Eli Lederman and John Wilson step aside
London Stock Exchange Group plc (LSEG) has completed its acquisition of Turquoise Trading Limited, paving the way for the creation of a new European trading venture through a merger of the businesses of Turquoise and Baikal Global Limited.
The new venture, which will continue to trade under the Turquoise name, aims to drive European trading volume growth and promote venue choice. It will benefit from synergies with LSEG infrastructure and the planned migration to MillenniumIT trading technology.
David Lester has been appointed CEO of Turquoise, in addition to his role as Director of Information Services for London Stock Exchange Group. Commenting on the completion, he said: "I am really looking forward to working with the Turquoise and Baikal teams, and with clients, to build a successful pan-European trading business. Working in partnership with a number of major global banking firms, we have a tremendous opportunity to offer an attractive range of highly relevant and competitively priced products and services across Europe.
"The European marketplace for trading securities has significant scope to become more efficient and to grow in the coming years. Turquoise's existing pan-European footprint is a strong proposition and together with the introduction of new trading technology, strong governance and a neutral structure, we believe we are well positioned to innovate and build market share."
Following completion of the transaction, John Wilson, CEO of Baikal has decided to leave the company to pursue a new challenge and Eli Lederman is stepping aside from his role as Turquoise Chief Executive. LSEG will build on the business he has been integral to developing.