Turquoise cuts fees for trading again

Turquoise, the trading platform backed by nine investment banks, today launched a new price war by cutting fees for the second time in as many months.

The move could lead to a flurry of price reductions across European stock markets and adds to pressure on rivals such as Chi-X, as well as the London Stock Exchange.

Turquoise said the cuts, which come in today, make it "the lowest cost destination for European equity trading".

Chief executive Eli Lederman said: "The next phase of completion among European trading platforms will focus on costs, vaule and innovative services."

Experts said the move would represent more of a threat to rival multilateral trading platforms such as Chi-X Europe, Bats Europe and Nasdaq OMX Europe than to exchanges such as the LSE.

"We always keep our fees under review," the LSE said.

Turquoise has built a market share of more than 5% in the most liquid stocks across 10 European markets, including 6.6% of the FTSE 100.