Transatlantic exchange Nasdaq OMX is to close its European trading platform next month, just 18 months after launching, citing weak prospects for the business in an ultra-competitive market, and the fact that the system was not bank-owned.

Nasdaq OMX Europe, which has struggled to build market share in the face of pan-European rivals such as Chi-X Europe, Bats Europe and Turquoise, will close to business on May 21. The platform is known as Neuro.