For fund managers looking for alternatives to trading on the traditional exchanges, the range of choices has never been greater than it is now. With technology-driven trading services such as the Tradepoint electronic exchange and Instinet agency brokerage operations already battling for their business, the market is now becoming even more crowded with the entry to the pan-European arena of two well-funded 'crossing networks', Posit and E-Crossnet.

The scale of the opportunity is underlined by the size and standing of the companies behind these initiatives. Posit is backed by Société Générale and ITG of the US, and E-Crossnet was set up in July last year with the support of Merrill Lynch and Barclays Global Investors (BGI).