Plus launches technology arm; calls on Misra for advice

Plus launches technology arm; calls on Misra for advice

UK trading venue Plus Markets has established a technology arm, Plus Trading Solutions, to sell white-labelled matching engines to European investment banks and brokers.

The Plus-TS business plan is designed to take advantage of the market's status as a Recognised Investment Exchange and regulatory imperatives for the creation of new marketplace venues for handling multiple asset classes.

Plus has taken advice from former Chi-X COO Hirander Misra, who recently quit Algo Technologies, the UK fintech start-up he helped set up last year. In August last year, Plus signed a deal with Algo Technologies for its market data and connectivity technology, and a heads of agreement for the vendor's up-and-coming matching engine.

Commenting on the new Plus technology service, Misra says: "Plus-TS is a unique fully managed neutral 'exchange-in-a-box' matching and surveillance solution. It gives investment banks, brokers and trading venues their own innovative matching system solution that can not only help them comply with the new regulations, but also allows them to create new business growth opportunities across asset classes."

The existing Plus1 trading and surveillance platform and its technology team are transferring to Plus-TS, with Plus Stock Exchange ("Plus-SX") and the recently-established Plus Derivatives Exchange ("P-DX") effectively becoming its first customers.

Senior management appointments for the new entity, and a rollout schedule for product enhancements, will be announced shortly, says the group, which is looking to get marketplace buy-in for the venture by syndicating out up to 49% of the equity to external shareholders "based on demand and strategic fit".

The creation of the new unit completes an 18-month shake-up of the business, which racked up millions of pounds in losses towards the end of the last decade as it struggled to take on the London Stock Exchange in equities trading.

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