Shares in the London Stock Exchange, whose market share is already under attack from new European trading ventures, fell 4% yesterday following news that an upstart electronic crossing network based in Kansas City, Missouri is hoping to replicate in the UK equities market the success that it has had in the US.

Bats Trading, which since its launch two years ago has captured 9% of matched US equity flow, plans to start live trading via its planned European platform, Bats Trading (Europe).