Turquoise runs into obstacles in Italy

07/30/2008 | Financial Times (free content)

Issues with the settlement-system provider of Borsa Italiana, Monte Titoli, will prevent Turquoise as well as some of its rivals from offering trading in Italian equities. Turquoise CEO Eli Lederman said Monte Titoli will "not allocate resources" to work with Turquoise's clearing and settlement provider. "Unfortunately, Monte Titoli is the only facility where securities can settle for a central counterparty as required by Italian regulations," Lederman wrote in a note to members. "As such, their decision creates a barrier to this market and leaves us with no alternative, at present, except to wait for Monte Titoli to allow Euro CCP access to settlement."

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