The three global banks have bought 3% stakes for GBP1m in cash each. The deal brings the total number of shareholders in Turquoise to 12 global investment banks and LSEG will retain a 51% controlling stake.
David Lester, CEO of Turquoise, said: “We are delighted that Barclays, JP Morgan Cazenove and Nomura have taken stakes in Turquoise, further extending the partnership with our major banking clients. Our desire is to work with all participants to grow the market for trading European shares and Turquoise’s share of that marketplace in both lit and dark. We have set ambitious plans for this year with the introduction of new trading technology and additional products and services as well as promoting existing products such as TQ Lens, the innovative non-displayed liquidity aggregation service.”
Dixit Joshi, head of equities EMEA and Asia Pacific at Barclays Capital, said: “The European equity business is a rapidly evolving market structure which is becoming increasingly similar to that of the US; an area where we are a market leader. Our stake in Turquoise underpins Barclays Capital’s commitment to providing liquidity and best execution for our clients.”
Alan Carruthers, head of EMEA cash equities at JP Morgan Cazenove, said: “We are very excited about our new partnership with the London Stock Exchange Group. LSEG’s commitment to investing in new trading technology and developing new products and services will position Turquoise well in the competitive pan European MTF landscape.”
Rachid Bouzouba, co-head of global equities at Nomura, said: “Nomura is committed to becoming a top liquidity provider and the aggregator of choice in Europe, equipping its clients with access to all available liquidity pools. We have worked closely with the London Stock Exchange over the last year to achieve this goal and our stake in Turquoise is the logical next step as we reinforce our leading position across the European markets.”
