The big banks rival to the London Stock Exchange, Project Turquoise, steps up a gear with the appointment of EuroCPP as its clearing and settlement system.

The new European share trading platform is the baby of seven investment banks, including Merrill Lynch, Citigroup and Goldman Sachs.

Project Turquoise is set to begin trading in all European shares by the end of this year, lowering business prospects for the LSE.

The group has yet to appoint a chief executive, however.