By Nandini Sukumar
Feb. 3 (Bloomberg) -- London Stock Exchange Group Plc will push ahead with its delayed Baikal pan-European trading system alone after previous partner Lehman Brothers Holdings Inc. went bankrupt.
LSE will now take sole responsibility for Baikal, LSE spokesman Patrick Humphris said today, though the exchange will look for “strategic investors” in the long term. The so-called dark pool, named after the world’s deepest lake, will match orders anonymously and won’t publish quotes.
Baikal is part of LSE’s response to competition from Turquoise, Chi-X Europe Ltd., Bats Trading Inc. and Nasdaq OMX Group Inc., who want to wrest market share from traditional bourses. The system’s start date was pushed back from the first quarter of 2009 to the second quarter after Lehman filed for bankruptcy in September. LSE said today that Baikal will go live “later this year.”
Baikal today named Mark Ryland, formerly chief operating officer of the Swiss exchange’s SWX Europe unit, as chief technology officer. Ryland’s appointment completes the senior management of Baikal, LSE said today in an e-mailed statement. Ryland also worked at Merrill Lynch & Co. and HSBC Holdings Plc.
LSE fell 7.2 percent to 422.75 pence at 1:40 p.m. in London trading, a fourth straight day of declines. The stock has declined 17 percent this year.
To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net
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