An emerging rival to the largest US derivatives exchanges is reportedly about to hire the man who built the New York Stock Exchange’s main trading platform as its chief executive.

The derivatives trading initiative, which is backed by a consortium of 12 asset managers, technology providers and investment banks and has been dubbed Four Seasons, is considering hiring Gerald Putnam, the founder of Archipelago, the trading system specialist bought by NYSE in 2006, as its CEO, according to the Chicago Tribune which cited “people close to the discussions”.