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I am deputy editor at The Banker, a Financial Times publication. I joined the magazine in August 2015 as transaction banking and technology editor, which remain the beats I cover. Previously I was features editor at Profit & Loss, an FX and derivatives publication and events company. Before that I was editorial director of Treasury Today following a period as editor of gtnews.com. I also worked on Banking Technology, Computer Weekly, and IBM Computer Today. I have a BSc from the University of Victoria, Canada.

Friday, 24 July 2009

Turquoise chooses DTCC and Citi for new trading platform …

News

DTCC’s European subsidiary to provide platform for consortium’s new challenge to the role of European exchanges in the post-MiFID trading environment

Turquoise, a consortium of seven major financial institutions working to develop a new pan-European trading platform, has chosen the Depository Trust

This decision follows a request for proposal process that has been underway for a number of months and involved a review of proposed alternative post-trade solutions. EuroCCP will accept trades from the Turquoise trading platform and these trades will then be netted on trade date. For all trading members of Turquoise that are not clearing members of EuroCCP these trades will be handled through general clearing member relationships. EuroCCP will also apply risk-based margining, with appropriate levels of margin collected on a daily basis. Citi’s global transaction services business will process EuroCCP’s settlement instructions for delivering and receiving securities and related payments in various currencies through its local securities network.

“DTCC is well-known in the global financial services market, and they presented a well-thought out proposal to the consortium,” said a Turquoise spokesperson. “The face of financial services is becoming much more global in nature, and as old barriers break down in Europe under MiFID and other directives, the landscape is becoming much more competitive. We believe EuroCCP and Citi’s global transaction services business will help Turquoise to succeed as a new, low-cost, pan-European platform that can build the necessary liquidity to make it a major contender against existing trading venues.”

The seven investment banks behind Turquoise are Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citi and UBS.

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