Investment banks have launched a campaign against an attempt by Borsa Italiana to take sole control of MTS, the eurozone electronic bond trading platform, in a move that muddies the London Stock Exchange’s attempt to take over its Italian counterpart.

The move came as a board meeting of Borsa Italiana on Thursday failed to reach agreement on whether to accept the LSE’s approach. Chris Gibson-Smith and Clara Furse, LSE chairman and chief executive respectively, were in Milan awaiting the outcome of the meeting.