Project Turquoise, the trading system backed by seven investment banks that failed to agree to a tie-up with UK exchange Plus Markets, is to shrug off the breakdown of talks by revealing within four weeks a chief executive, technology provider and additional members, according to sources close to the project.

The sources said the bank consortium that owns Turquoise has selected a candidate to lead it in its countdown to launch, set for April next year, and a new "preferred" technology provider. Other banks have also been lined up to join Turquoise and will be disclosed shortly.