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Founded 2009
Products Multilateral Trading Facility

Baikal was a London Stock Exchange’s pan-European dark pool multilateral trading facility (MTF) and liquidity aggregation service. It was combined into Turquoise when LSE bought into Turquoise.[1][2]

Baikal received regulatory approval from the Financial Services Authority and began its phased roll-out in June 2009, starting with the launch of Smart Order Routing (SOR) capability. The company was combined with the LSE's acquisition Turquoise MTF in 2010.[3] As part of the integration, Baikal and Turquoise moved from their respective TradElect and TradExpress matching engines to one from exchange technology provider MillenniumIT, which the LSE acquired in September 2009.[4]

The Baikal non-display order book, launched in late 2009, used the London Stock Exchange Group’s TradElect platform. Baikal offered smart order routing and new functionality to support block trading, but did not permit direct access to buy-side institutions.[5] [6]


Baikal Global limited was a pan-European MTF (multilateral trading facility) for the execution of non-display orders. The company was created through a joint venture between the London Stock Exchange and Lehman Brothers. However, the bankruptcy of Lehman in the financial crisis of 2008, led LSE to seek out new partners. They also considered shuttering the initiative.[7][8][9][10]


  1. LSE to combine its Baikal unit with Turquoise when it agreed to acquire a 60% stake in Turquoise.. MarketWatch.
  2. LSE Buys Turquoise. Global Custodian.
  3. LSE reveals takeover of Turquoise. BBC News.
  4. LSE to merge Turquoise, Baikal. Waters Technology.
  5. Rolet bids to rally LSE's flagging fortunes. The Trade News.
  6. Press Release. Fidessa.
  7. Turquoise, Baikal Teams To Get Integrated. Naddaq.
  8. LSE to sell up to half of Baikal to 4-5 banks. Reuters.
  9. LSE close to Baikal decision. The Trade.
  10. LSE to launch Baikal trading platform with Lehman Bros. The Independent.