The London Stock Exchange today hinted at its defence in the case being brought against the exchange by Eli Lederman, claiming that the former Turquoise chief executive has an "axe to grind".

Lederman is disputing the nature of the acquisition of Turquoise, which the LSE acquired in February 2010. Shortly after the acquisition, Lederman left and was replaced by David Lester, the LSE's director of information services.