Project Turquoise, the financial trading facility established by nine European investment banks to rival the London Stock Exchange, has begun its testing phase.

The new exchange is partnering with AppLabs to trial its trading platform.

Faultless performance of the technology is key to the project's success, according to Yann L’Huillier, chief technology officer of Turquoise.

"To achieve our goals we will have to assure the marketplace that the integrated trading platform is functionally reliable, robust and efficient and that it will perform to the highest standards," he said.

AppLabs will design, develop and build the test strategy for the project.

Turquoise aims to launch in September this year.