London Stock Exchange to take a controlling share in rival
The London Stock Exchange is believed to be on the verge of announcing a deal which would see the company take a 60% stake in loss-making trading platform rival Turquoise. The London Stock Exchange has been in talks with its rival since October and many believe it is on the verge of injecting up to £20 million into the operation in exchange for 60% of the business.
This is quite a clever move from the London Stock Exchange because Turquoise had initially been seen as a potential competitor in the area of "off-exchange" transactions. The move to take control of its main competitor in the UK will allow the London Stock Exchange to use its vast experience and vast connections to increase trading levels on the Turquoise platform. While there are concerns about various off exchange trading platforms, with transparency and regulatory issues, they have been taking significant market share over the last few months.
Even though the London Stock Exchange has been losing market share for some time it has remained a long-term takeover target for many competitors in the sector. However, if the directors can make a success of ventures such as the rumoured Turquoise platform takeover then this would actually strengthen their own position and could see the London Stock Exchange look to acquire more competitors itself in the future.
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