NYSE Euronext signalled the increasing importance of technology in trading by agreeing to pay a significant premium to buy Nyfix, a US company which sells software that allows asset managers and hedge funds to communicate trading intentions to their brokers and banks.

Exchanges have long operated technology that allows trades to be matched between buyer and seller. But some are now trying to get closer to traders – and during the key period before a final decision to trade is made – in order to sell them other technologies such as order routing and market data.