19 May 2009


Justin Schack

VP Market Structure Analysis

Joe Gawronski


Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

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Lunch with Turquoise CEO Eli Lederman


On Friday, May 15 in New York we hosted Turquoise CEO Eli Lederman at a luncheon with clients. Turquoise, launched in September, is a London-based multilateral trading facility for European equities. Owned by a consortium of nine big, global banks, it currently executes about 3% of transactions for pan-European blue-chip stocks. In this report we provide a brief recap of Lederman’s comments, focusing on the most salient points regarding Turquoise’s impact on market structure and competition in the exchange space.

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