The London Stock Exchange decided to replace Eli Lederman as chief executive of Turquoise three months before it completed the acquisition in February 2010 and believed the alternative trading platform was “endemically unprofitable”, it was revealed at an employment tribunal.

David Lester, the current chief executive of Turquoise and the LSE's director of information services, said the exchange's chief executive Xavier Rolet had agreed with Turquoise's bank shareholders as early as November 2009 that Lederman would not remain chief executive of the trading platform should the deal complete.