The board of Borsa Italiana has approved a bid for Montetitoli, the Italian Central Securities Depository in which it already has a 4.1% stake.

Lehman Brothers is thought to be acting for the Borsa on the bid. It also advised the exchange on its role in the proposed iX merger, which would have seen a five-way deal between Deutsche Börse, the London Stock Exchange, Borsa Italiana, the Madrid Stock Exchange and Nasdaq.