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published DECEMBER 22, 2009

Freshfields advises the London Stock Exchange Group on its pan-European trading venture with nine global investment banks

Freshfields advises the London Stock Exchange Group on its pan-European trading venture with nine global investment banksInternational law firm Freshfields Bruckhaus Deringer has advised the London Stock Exchange Group plc (LSEG) on its agreement, announced today, to create a new pan-European trading venture through a merger of the businesses of Turquoise Trading Limited (Turquoise) and Baikal Global Limited (Baikal). The new venture, an FSA-regulated Multilateral Trading Facility (MTF), will expand LSEG services across Europe in both lit and dark trading, and liquidity aggregation, with the express objective of driving European trading volume growth and promoting venue choice. Continuing to trade under the Turquoise name, the merged entity will be 60 per cent owned by LSEG and 40 per cent owned by the existing Turquoise shareholders, who are global investment banking clients of LSEG. The Freshfields team advising on the transaction was led by corporate partner Andrew Hutchings and also included corporate senior associate Richard Thexton and corporate associate Nick Jones. Antitrust, competition and trade partner Simon Priddis led on the OFT aspects of the transaction, assisted by senior associate Alastair Chapman and associate Josh Sherer. The entire Freshfields team worked closely throughout with Catherine Johnson and her team at LSEG