Richard Kilsby, previously vice-chairman of Virt-x, the pan-European exchange, has been appointed as chairman of Enigmatec Corporation, which is developing software for the financial services industry.

Virt-x was set up in July 2000 through the merger of the equity division of SWX and the UK's Tradepoint, where Kilsby was previously chief executive officer. The market, led by Antoinette Hunziker-Ebneter, was set up to capture 10% of all trading in European blue-chip stocks but traders have been reluctant to switch over due to the lack of strong pricing.