OM Gruppen, which is set to fail in its takeover bid for the London Stock Exchange by a wide margin this week, has received a further set back when Helsinki Exchanges (HEX) dismissed reports that it was planning to join Norex, the three-way alliance of Scandinavian stock exchanges.

In a speech in London, Sven Arild Andersen, the president of the Oslo Stock Exchange, said he hoped that HEX would join Norex &quotby the end of 2002, hopefully earlier&quot.