Liffe, London's listed derivatives market, is in advanced negotiations with four organisations regarding the sale of Liffe Connect at a time when the exchange is still reeling from more than five hours' downtime in one day. One of the exchanges involved is the Tokyo International Financial Futures Exchange (Tiffe). It is looking to replace its 10-year-old electronic trading platform.

Liffe is pitching for the Tiffe business in competition with OM and Atos, which sells the French NSC system on which Euronext operates. Liffe has approached several exchanges about selling its technology, including Euronext for derivatives trading, and this is the fifth pitch list it has shared with OM Technology. Both OM and Liffe Technology pitched to provide an electronic trading platform to BrokerTec, London Metal Exchange and Sydney Futures Exchange, and both are waiting for London-based International Petroleum Exchange to make a decision.