The International Securities Markets Association (Isma), the majority shareholder and operator of Coredeal, has struck an agreement with EuroMTS, its arch-rival, in which it will migrate onto EuroMTS's trading platform and give EuroMTS a 15% stake in the exchange.

The deal comes after a drain on liquidity in Coredeal forced it to find a partner. The new exchange will be called CoredealMTS. It will retain Coredeal's status as a recognised investment exchange and will be regulated by the Financial Services Authority, although this will be subject to new approval by the FSA.