A war between Europe’s leading exchanges to bring forward their opening times was narrowly averted on Wednesday when Turquoise, the alternative equities trading platform, backed down from plans to open 15 minutes before the region’s incumbent bourses.

Eli Lederman, Turquoise chief executive, said the decision had been taken after “fear mongering” by established exchanges. He said Deutsche Börse and the London Stock Exchange had contacted Turquoise threatening to open earlier if Turquoise went ahead with its plan.