The Headhunter

Project Turquoise To Launch 18th August and LSE/Lehmans Launch Dark Pool

A newspaper report informs that Project Turquoise, an alternative European cash equities trading platform established by a group of big investment banks, will go live on August 18th.

Backed by Citigroup, Goldman Sachs, Merrill Lynch, Morgan Stanley, UBS, Credit Suisse, Deutsche Bank, BNP Paribas and Societe Generale, Turquoise is one of the multilateral trading facilities, or MTFs, being set up to challenge the virtual monopolies long enjoyed by many traditional national stock exchanges in Europe.

The articles states Turquoise expects to have signed up about 50 trading members by the 18th August. That compares with 65 banks and brokerages now trading on rival MTF Chi-X Europe.

Today, a MarketWatch report indicates that the London Stock Exchange and Lehman Brothers are planning to launch a pan-European share-trading platform in a move that may help the U.K. exchange fight back against rising competition. This joint venture will provide access to securities in 14 European countries and has been dubbed Baikal after the world's deepest lake.

The trading platform will operate as a dark liquidity pool. This is an anonymous trading venue that allows firms and institutional investors to trade large blocks of shares in secret and avoid moving the listed price.

Director of Content - Data Solutions - Global Remit, based London

Our client is a young, privately owned and rapidly growing firm that specialises in the delivery of opaque datasets in the wholsesale financial community. These datasets are embedded into risk and performance products and are used extensively by sell-side and buy-side firms.

We seek a Director of Content to define content strategy, production, quality and support. This is an opportunity to lead and build a team with a global remit. You will be a strong leader with excellent communication skills.

For a confidential discussion about this role, contact Aine Hall.

Business Leader - Investor Relations - based London

Our client is a US business that sells data, research, software and advisory tools to the global investment community.

We seek a business leader to run a profitable Investor Relations business. You will have full P&L responsibility for the business and, as business leader, you will drive sales, formulate product strategy and drive the continued growth of this rapidly growing business line.

You will have a strong understanding of what drives profitability. You'll also have strong product strategy skills, sales management (particularly taking products to new territories) and marketing expertise. You will have a working knowledge of investment analysis and experience of the Investor Relations marketplace. 

For a confidential discussion about this role, please contact Aine Hall.

Wall Street IT Budgets Holding Up

A Finextra report states that in spite of write downs and personnel cuts following the credit crunch, Wall Street firms are continuing to invest in IT - particularly risk technology. They expect budgets to increase next year, according to research released by IBM and the Securities Industry and Financial Markets Association (Sifma).

The IBM study surveyed 500 IT professionals within the financial markets industry, of which 200 were from leading Wall Street firms and a further 300 or so were from technology vendors, consultancies, infrastructure companies and other specialists .

Around a third of the 200 IT professionals from Wall Street firms said their IT budgets increased from 2007 to 2008. The majority of these also expect budgets to be the same or bigger in 2009. IBM says smaller firms are more intent on increasing spending with half expecting a larger IT budget next year, compared to just eight per cent who think budgets will shrink.

IBM says the expected increase in IT investment is being driven by an increased focus on risk management, as respondents look to safeguard against further exposure. The majority of Wall Street firms - 67% - cite risk transparency as the primary future regulatory action impacting IT.

New Business Sales - Back Office Solutions - based London

Our client provides trade matching, trade reporting and market data services to the wholesale financial markets. They already have established client relationships with the major investment banks in Europe.

We seek a new business sales executive to expand our client's customer base by hunting for new clients across a client base of mid-tier and small-tier firms as well as hedge funds. This is a role that will suit individuals who enjoy new business and who know they can pass a client over to an account management team after the initial sale.

You will have a demonstrable new business track record in this sector as well as a credible network of contacts.

For more information call Aine Hall on +44 (0)20 7392 2644.

Major Account Manager - Sell-Side - based London

Our client is a global corporation with offices in every major financial centre.

We seek a Sales Executive with experience of selling solutions to large investment banks, based in London. You will have very good business contacts in this sector and you will have a strong track record of building revenues in large financial institutions. You will enjoy up-selling into an existing client base.

For more information, contact Aine Hall on +44 (0)20 7392 2644.