Ramsden now seems to be concentrating on financial services outfit Caplay, where he became a 11 per cent shareholder when it placed 80 million shares at 3p. Caplay is focusing on an electronic trading platform, developed by Ramsden's The Private Treaty Market (PTM) and has lent £1 million to PTM in the past two months.

Ramsden entered into a put option for 20 million shares, exercisable at 9p by the beginning of October. He duly picked up the shares, a costly purchase, as they were trading at 5.75p, and now holds 26 per cent of Caplay plus the right to call for a further 35 million shares at 5p, exercisable until next July.

Two institutions are following Ramsden's exploits. Gartmore has upped its stakes in TradingSportsExchange and FDC while Vidacos Nominees has interests in FDC and Caplay.