The London Stock Exchange has confirmed for the first time that it is considering "alternative proposals" to move ahead with its landmark Baikal dark pool project following the collapse of US investment bank Lehman Brothers, its original partner, six weeks ago. The statement comes as it also confirmed yesterday that it had appointed a chief executive to run the proposed trading system.

The LSE said in a statement last night: "Following the break-up and acquisition of Lehman Brothers' businesses, the Exchange has received and is exploring a number of interesting alternative proposals for delivering Baikal. It hopes to be in a position to say more about these revised plans in the next few weeks."