Senaf, the Spanish government bond trading platform, has entered into preliminary talks with its Swiss-German counterpart Eurex Bonds, to explore the possibility of an alliance between the two exchanges.

A Senaf spokesman said the conversations began in January this year, and are being led by technical staff on both platforms. He said they are still in the preliminary stages of discussion and that it is still unclear whether any form of alliance will emerge. Eurex Bonds declined to comment.