Cold Turquoise.

Turquoise is an equities trading platform (Multilateral trading facility or MTF), created by nine major investment banks.
A Multilateral Trading Facility (or MTF) is a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments - in the system and in accordance with non-discretionary rules - in a way that results in a contract in accordance with the provisions of Title II of MiFID.1
The formation of an MTF is one of several actions that aims to improve the entrepreneurial environment and ease the access of small and medium sized enterprises to capital through newshare, bond and rights issues.2
In the European Union, there are several MTFs:
POSIT, a pure dark-pool MTF operated by ITG, launched in 1998.
Chi-X, launched in March 2007.
Project Turquoise, launched in August 2008.
Equiduct-Berliner Börse (under project en 2008).
NASDAQ OMX Europe, launched in September 2008.
Bats Europe, launched in October 2008.
NYSE Arca Europe, launched in March 2009.
Burgundy Nordic, to be launched first week of May 2009.
QUOTE MTF - launched 4th September 2009.

The consortium hopes the system will provide dealing services at a 50% discount to traditional exchanges.[1] It is a hybrid system that allows trading both on and off traditional exchanges.[2] The system is advertised as a "pan-European platform that will be based in London."[1]
The banks involved are: BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale and UBS. The group have selected EuroCCP to provide clearing and settlement services.[3] [4] The group selected Sweden's Cinnober as its trading platform. Turquoise developed a real-time market surveillance system "to capture breaches of trading rules and root out market irregularities." The system is based on the Progress Apama Complex Event Processing (CEP) Platform.[5]
A conceptual description of CEP: Examples of events include church bells ringing, the appearance of a man in a tuxedo with a woman in a flowing white gown, and rice flying through the air. A complex event is what one infers from the simple events: a wedding is happening. CEP is a technique that helps discover complex, inferred events by analyzing and correlating other events: the bells, the man and woman in wedding attire and the rice flying through the air. There are many commercial applications of CEP including algorithmic stock trading, credit card fraud detection, business activity monitoring, and security monitoring[1]. New applications of CEP are emerging as technology vendors find new uses.

LSE set to announce Turquoise deal. LONDON (Reuters) - The London Stock Exchange (LSE.L) is close to agreeing a deal to take control of loss-making trading platform rival Turquoise, The Sunday Telegraph reported, citing sources close to the deal. It is understood LSE, which declined to comment, will take a stake close to 60 percent in the platform and will invest 20 million pounds ($32.4 million) in a deal that could be announced as soon as Monday, the newspaper said. LSE, which said it was in exclusive talks with Turquoise in October, plans to merge its own "dark pools" trading platform Baikal into the business, sources previously told Reuters. Dark pools -- venues for trading shares anonymously away from a stock exchange -- have been gaining market share from bourses, and have sparked concerns from regulators about poor market transparency. Turquoise was launched last year by a group of nine investment banks frustrated by the LSE's refusal to cut fees. While loss-making, it gained about a 7 percent market share. Citi (C.N), Goldman Sachs (GS.N), Credit Suisse (CSGN.VX), Deutsche Bank (DBKGn.DE), BNP Paribas (BNPP.PA), UBS (UBSN.VX), Merrill Lynch (BAC.N), Morgan Stanley (MS.N) and Societe Generale (SOGN.PA) all back Turquoise.