The London Stock Exchange is making a play for the European derivatives market, launching a platform based on technology from TMX Group.
Turquoise Derivatives will combine with the group's existing derivatives market, EDX London, which runs on the Sola technology developed by the TMX Group.
It is slated to launch this quarter, providing trading in pan-European single name and index futures and options.
The EDX technology and clearing infrastructure, will provide customers immediate access and economies of scale through their existing connections, says the exchange. LCH.Clearnet will act as central clearing counterparty.
Turquoise Derivatives sees the LSE square up to the dominant players in the European market, Nyse Euronext and Deutsche Boerse.
David Lester, CEO of Turquoise says: "The European derivatives market is currently characterised by high execution costs and a lack of choice. I am certain that Turquoise Derivatives, combined with the proven operating and clearing model already enjoyed by EDX customers, will be the start of the process that turns the sector on its head."