In August Pave put out a statement announcing its arrival on a scene dominated by Bolsas y Mercados Españoles (BME). However it provided few details on backing with the unnamed people behind it saying only that they were "bringing together the support of Spanish and international banks and funds".

The man behind the project has now been confirmed as Javier Tordable Parcerisa, a former senior advisor to Deutsche Börse and Eurex for new products and market exchanges acquisitions.

In 2005 he established Spanish CO2 emissions exchange, SendeCO2 in Barcelona and maintains a 33% stake in the business.

The MTF has inked a deal with Equiduct Systems for the provision of the trading platform and operational infrastructure. This will give institutional and retail brokers, banks and hedge funds the ability to provide high-quality execution at the best price offered, says Pave.

Launched last year, Equiduct is itself one of several new trading platforms in Europe aiming to take advantage of the EU's Markets in Financial Instruments Directive (MiFID) and compete with incumbent exchanges. It is majority owned by Citadel and counts Knight Capital and Börse Berlin among its shareholders.

Says Parcerisa: "Pave is being established to attract international traders and increase liquidity in Spanish equities. The Equiduct Systems Limited offering is unparalleled - leading-edge technology supported by market making expertise from Citadel Securities and Knight."

Peter Randall, CEO, Equiduct Systems, adds: "Pave signals the beginning of the second wave of alternative platforms in Europe. The health of Europe's trading environment is, in part, determined by the level of competition. Equiduct Systems Limited is proud to support this initiative."