MTS, the Rome-based government bond exchange, has created a new supervisory board three days before deciding between two takeover bids for its business.

The move comes as MTS prepares to choose on Friday between a bid from eSpeed, the US bond platform owned by Cantor Fitzgerald, valuing the firm at €250m ($302m), and a competing offer from a consortium of Euronext and Borsa Italiana offering valuing it at €245m.