After announcing in October that Project Turquoise's launch will be delayed until mid-2008, newly appointed chief executive Eli Lederman is moving quickly to round out the leadership team of the multilateral trading facility being set up by nine leading European investment banks. Most recently, Yann L'Huillier, previously SVP and CIO for shuttered Boston Stock Exchange, was named CTO.

L'Huillier says his time at the BSX, and previously at Level ATS at the Toronto Stock Exchange, will help him in his new role. "At the Boston Stock Exchange we created a display market and a dark book," he says, noting that the experiences will help him at Turquoise, which announced that it will offer a trading facility that combines a transparent "lit" order book and a hidden dark book.

The nine investment banks that own Turquoise are BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Société Générale Corporate & Investment Banking and UBS.