PlusMarkets claims victory as LSE drops AIM rule changes
29 June 2006 | 4973 views | 0
The London Stock Exchange has dropped controversial plans to change the regulatory reporting requirement of AIM companies that trade on third party trading platforms as well as its SETSmm service.
Plus Markets Group, which operates a quote-driven alternative to SETSmm, says it has received confirmation from the LSE that it does not intend to implement the changes, proposed in April, that would have siginificantly increased the reporting requirements for AIM companies that trade on third party platforms.
As well as informing the LSE of the admission, suspension or cancellation of AIM securities on a third party trading platform, companies would have had to inform the Exchange of any unusual trading activity and provide a written summary of all regulatory communications with third party operators.
The LSE says it shelved the reporting plans as part of a wider review of AIM rules.
Plus Markets had previously condemned the proposed rule change as "anti-competitive, in restraint of trade, and unjustified".
The group launched its platform in December 2005 with the backing of five market-making firms. There are currently 667 companies trading on the system.