One of the founders of Chi-X Europe is to become the latest former senior executive from the exchange to set up a new trading venue, joining Alasdair Haynes and Hirander Misra, who are working on separate projects.

Tony Mackay, who was the founding chief executive of Chi-X Europe and also had stints running agency broker Instinet's European and Asian businesses, is developing a new trading venue model designed to tackle the fragmentation of stock market liquidity across multiple venues and give market participants more control over who they trade with.