Recently we reported that London Stock Exchange chief executive, Clara Furse, attacked new rival on the block, Project Turquoise — a trading platform being created by seven investment banks — as non-viable.

Furse claimed the rival banks’ platform will not be able to compete with the LSE’s 4p fee from £1000 worth of shares purchased.

Project Turquoise responded, “We are very much on track to be up and running and reduce the total cost of trading for those who buy and sell shares”.

Soon, however, PT’s seven founders, Goldman Sachs, Merrill Lynch, UBS, Citigroup, Morgan Stanley, Deutsche Bank and Credit Suisse, will be joined by another, BNP Paribas of France. Already a formidable alliance, Turquoise now looks a true heavyweight.

Final details of the technology systems to power the platform are close to agreement. If the final result is cheaper trading — and it’s hard to imagine them coming in at a higher price — this will give the LSE a real run for its money.

The kind of complacency that saw London’s Liffe passing to Euronext right under Clara Furse’s nose, must not be repeated here.