Seven of Europe's largest investment banks are to launch a pan-European stock exchange next year to take advantage of the forthcoming Markets in Financial Instruments Directive (Mifid).
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But TowerGroup senior analyst Ralph Silva said the banks may be being "optimistic with their timelines", given that they had not yet decided what technology model to adopt for the new exchange.
Mifid sweeps away the rules compelling banks to trade securities on local stock exchanges.
Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley and UBS plan to place their trades on the new exchange once Mifid comes into force on 1 November next year.
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