The New Zealand Stock Exchange (NZX) is seeking to shelve its planned alternative trading platform in Australia, Financial Times reports. The New Zealand bourse is concerned that the platform, AXE, will not make money.

The platform is jointly-owned by NZX, Citigroup, Macquarie, Merrill Lynch, Goldman Sachs and Commonwealth Bank. AXE was set up in 2006 and applied for a license to operate in Australia in 2007. It is yet to be granted a license.

Click here for the story fromFinancial Times.