Monday November 16, 04:36 PM
UPDATE 1-Turquoise owners might hold onto stake - COO
FRANKFURT, Nov 16 (Reuters) - The chief operating officer of Turquoise said its founding members may keep a strategic stake in the multilateral trading platform should it be sold.
'As I understand it, the member banks want
to keep a strategic stake, suggesting that they would stay committed to continuing to provide liquidity,' COO Adrian Farnham told Reuters on the sidelines of a banking conference on Monday.
Farnham declined to comment on media reports that a possible sale of Turquoise to the London Stock Exchange (LSE: LSE.L - news) might involve a stock swap and no cash would be used to finance the deal.
Farnham's comments come after sources told Reuters that Turquoise might be merged with Baikal, the LSE's 'dark pool' trading venture, and the LSE would retain a 51 percent controlling stake.
The Financial Times reported last month that the two are expected to reach a deal by mid-November (Frankfurt: A0Z24E - news) .
Turquoise was launched last year by a group of nine investment banks frustrated at the LSE's refusal to cut fees.
In August, Turquoise told Reuters it would be happy to cede control and that it had hired UBS (Virt-X: UBSN.VX - news) to seek potential buyers.
(Reporting by Tyler Sitte, additional reporting by Daisy Ku in London) Keywords: TURQUOISE/SALE
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