Turquoise: the banks slowly muscle in

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Of all the MTFs planning to launch in 2008, probably none will be more closely watched than Turquoise, the venture backed by a consortium of nine leading investment banks: BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale and UBS.

Although it looked for some time as if Tortoise might be a more apt name than Turquoise, given the project’s slow start, the transformation of the consortium into a private company and the appointment of a chief executive have added some vigour.