Plus Markets and Direct Edge sign TransAtlantic co-operation pact
19 November 2008 | 5664 views | 0
UK small and mid-cap exchange Plus Markets is to partner with the US-based Direct Edge ECN to explore strategic opportunities for the listing and trading of stocks in US, UK and EU markets.
The two parties have entered into a Memorandum of Understanding, which is both non-binding and non-exclusive, as the basis for their future co-operation.
Direct Edge, which is currently in the process of converting to an SEC-regulated stock exchange, is the fourth largest equity trading platform in the US after Nyse (and its subsidiary Amex), Nasdaq and Bats, and handles an average of over a billion shares a day (accounting for over 10% of US trading volume) through its platforms.
Simon Brickles, chief executive officer of Plus Markets says: "Together, as the European markets adjust to a post-MiFID environment, we believe there are exciting opportunities which we can leverage."
The two parties were introduced by Rosenblatt Securities at their Global Exchange CEO & Investor Conference in New York.