Consortium-backed European trading venue Turquoise is to tap its investors for a third round of funding as it vows to turn a profit by early next year.
Speaking to Bloomberg at a London exchange conference, Turquoise chief Eli Lederman said the new funding would equate to a year's worth of operating capital.
"We're raising money which will see us through the next 12 months by which time we will have turned the corner and become profitable," Lederman told the newswire. The fundraising should be completed in six weeks, he added.
It will be the third time in less than a year that Turquoise has turned to its investment bank backers for new capital as it struggles to compete for scarce liquidity with a host of new pan-European trading ventures.
Bats Europe, which has moved aggressively to cut its prices posted new market share records this week in the CAC 40 with 6.22%, the FTSE 100 with 5.17%, the AEX with 4.90% and the BEL20 with 3.58%. The fast growing Multilateral Trading Facility (MTF) also set a record of 3.33% market share for all of Europe.
Speaking at the same London conference, Bats Europe chief Mark Hemsley told delegates that the company had set a target to break even by the end of 2010.