Mostly… fixed income and cross product eTrading

May 1, 2007

Turquoise wall of silence?

Filed under: 2015, etrading — holky @ 9:37 am

Buyside chief attacks banks over Turquoise ‘wall of silence’ – so says efinancialnews

A large asset management company has joined the controversy surrounding Project Turquoise, for the first time, with one of its traders attacking the investment banks behind the proposed European equities trading platform.  Speaking at a trading conference last week, Tony Whalley head of dealing at SWIP, said: “The sellside needs to interact better with the buyside. We should be getting answers, as we’re presumably expected to provide the liquidity but so far it has been a complete wall of silence. If these answers are not forthcoming, there may be less enthusiasm to support it.”

However, Glenn Poulter, head of cash equities at Citigroup, one of the consortium of seven banks, defended the project. He said: “Turquoise is not a secret. We could have come out with a great plan but we’d have looked stupid if we’d slipped. We’re not trying to alienate the buyside and the picture will become clearer by the time Mifid is introduced.”

While not exactly parallel to this, but equally quiet in terms of fanfare and broadly published detailed plans perhaps…  what does buyside think of liquidity hub?


1 Comment »

  1. Holky, most buyside haven’t heard of LH in any detail. Many have never heard of it at all……or have forgotten what they’ve heard.

    Comment by waratah — May 2, 2007 @ 8:29 am

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