Peter Lenardos, the City analyst, has rejected the chance to join Australian bank Macquarie in favour of becoming the finance chief at a Swedish company whose technology is used by stock exchanges and clearing houses.

Cinnober Financial Technology, which is based in Stockholm, is set to appoint Lenardos as its chief financial officer as early as tomorrow morning, according to two people with knowledge of the matter. Lenardos will be tasked with returning the financial technology company to growth and profitability.