In September Pave and Equiduct announced that they had agreed a deal for the provision of a trading platform and operational infrastructure to underpin Spain's first MTF.

However, Pave now says that, despite the public declaration, "negotiations did not lead to a concrete result" and it has signed up with Swedish trading technology vendor Cinnober.

The Cinnober system will be based on its TradExpress Streamlined Services SaaS offering.

Javier Tordable, CEO, Pave, says: "Choosing Cinnober after our thorough analysis of the exchange technology industry is key for us to support such a strategy, leveraging on their state-of-the-art, low latency, and resilient trading platform."

Pave is slated to launch in the first quarter of next year, taking on Bolsas y Mercados Españoles (BME), which enjoys a near-monopoly in Spain.