Your "low TCO" options are limited as you probably know as a current consumer of turrets. Let's exclude the incumbents for a moment: IPC, BT, Orange who all price at the premium end of the range and require a PABX for PSTN/PTT access.
Next are IPTrade (Belgium), Speakerbus (UK) and Wesley Clover/Mitel. Both IPTrade and Speakerbus are newer turret platforms than the incumbents and are designed to be optimized with Avaya and Cisco PABX. There price tag is generally at the lower end of the incumbents after their (often steep) discounts. These providers market via the Avaya/Cisco channel and Speakerbus also has its direct sales and service entity that supports their substantial base of hoot/speaker/intercom stations around the world. My sense is that they partner for local support in Scandinavia, though being based in Europe they are a short hop away.
Mitel has a hybrid PABX/Turret platform. All-in-one. UC, collaboration, mobility, et al. with NATIVE IP Turret devices. This platform has been in production since 2001 as an enterprise telephony solution and so is mature and reliable with all of the bells and whistles you would get with any other PABX. The turret functionality has less capacity than the regular turrets but is more than enough for most traders (196 lines per turret). It does all of the things one would expect from a turret including termination of ring downs, barge-in on lines, pagination, floating answer keys, two handsets, etc.
The beauty of this system is you get PABX and turrets in a single IP platform. It is plug and play with normal IT infrastructure, can be centrally managed and networked across locations quite easily and Mitel has a mature, global I&M capability (though they are not known for their focus on dealing rooms so calling the local Mitel partner may get you a quizzical look when you mention turrets).
Mitel has a US-based turret partner called Wesley Clover Solutions. They have designed an application layer for the hoot n holler/speakers if that is required along with a mini-turret endpoint (48 line capacity). WCS has a substantial installed base in the USA but is not present directly in Europe unless I am mistaken.
The TCO for this system when compared to purchasing PABX and traditional turret system is night and day. Also, there is no integration risk/issues associated with turret-PABX.
Siemens are still out there with there hybrid platform as well but seem to have a focus on Germanic region and away from dealing rooms toward command and control. Siemens seems to price as if they are always selling inside their home country as well.
Hope this helps a bit.