MTS, the European government bond trading system majority owned by the London Stock Exchange, is set to have its dominance challenged for the first time after rival systems revealed plans to trade Dutch and Belgian government bonds.

Icap, the world’s largest inter-dealer broker, and BGC, a rival broker, said they will start trading Dutch and Belgian government bonds on April 1. Icap said it will trade the government bonds on its Brokertec system, while BGC will make the securities available over its eSpeed trading system.