Eli Lederman, Turquoise Welcome to episode four of The Algorithmic Trading Podcast, brought to you by Voices in Business and sponsored by Sybase . Today, we feature an exclusive interview with Eli Lederman, Chief Executive Officer of Turquoise , the new pan-European trading platform, in conversation with Gavin Quinn, EMEA Business Development Manager at Sybase and Greg Grimer of Voices in Business. Show notes for this episode: 00:14 - Introduction 01:12 - What is Turquoise and why does it exist? 05:22 - Levelling the playing field & removing monopolies 08:00 - The market data environment 09:25 - Costs associated with market data 10:46 - Differentiated pricing 12:40 - Reference data 14:45 - Interoperability 15:06 - Granularity of tick sizes and decimal places 16:30 - Smart order routing 18:04 - Communication with customers & members 22:12 - Evolution of exchanges 23:38 - Algorithmic trading and exchange convergence 25:20 - Fragmentation and operational complexity 27:21 - Trade volumes and market share 29:14 - Trade reporting & CCP status 30:34 - Risk/exposure issues 32:22 - End of interview & wrap-up Click here for a full transcript of this episode. We welcome all feedback, so please leave a comment here on the website, call us to leave an audio comment on +44 (0) 20 7193 1295 or send a message to algo@voicesinbusiness.com Listen Now: To listen to the podcast right now, click on the player icon below. Less