There is a new competition in trading, with the heat turned up by European regulations that are pushing a huge volume of securities trading on to public exchanges in the name of increasing competition and reducing risk. The winners will be those who can set up new venues with just the right ingredients to attract a big enough slice of that business.

There is no shortage of hopefuls eager to cash in, but there is no quick and easy recipe for setting up a successful trading platform. The process requires a high dose of patience and a meticulous ability to mix together a long list of sophisticated parts.