The fate of Turquoise, the pan-European share trading platform, is expected to be sealed within two weeks after the London Stock Exchange and the platform’s shareholders closed in on a deal to absorb it into a new joint venture, people familiar with the matter said on Wednesday.

The development comes as the LSE is rushing through a series of measures to try to stem the erosion of its market share at the hands of recently launched “multilateral trading facilities” (MTFs) such as Chi-X Europe and BATS Europe.