Plus Markets doubles broker members; to phase out Ofex name
05 July 2006 | 2065 views | 0
Source: Plus Markets
A new, streamlined membership structure is being introduced by PLUS Markets Group which doubles its existing broker membership.
In addition, subject to certain technical formalities, the Ofex name will be phased out and securities quoted on its primary market will be renamed "PLUS-quoted". The trading of securities listed and traded on other exchanges will be known as "PLUS-traded". Both groups of securities are currently, and will continue to be, traded on the PLUS trading platform.
Accompanying this name change PLUS has also announced a doubling of its broker dealer membership from 17 to 41. These members will be able to trade on either or both segments. A full list of members and their eligibility is shown below. New members are highlighted. In addition to this doubling of brokers for PLUS-quoted, the broker membership for PLUS-traded has increased by 30 per cent. A number of firms are currently implementing technical upgrades to also be able to execute business in PLUS-traded securities.
PLUS operates a market-making model (as opposed to order-driven), as this is more suited to lower liquidity stocks, and to those market participants trading on behalf of retail investors. The designated market makers are shown in bold.
At the end of its first full six months of operations, PLUS now offers trading in 830 securities. This comprises 160 PLUS-quoted stocks (Ofex) and 670 securities which are listed on other exchanges, including 50 from the FTSE 250, a handful of AIM stocks and the remainder from the Fledgling and SmallCap segments.
Total trading during this period reached 2,241 million shares traded with a total value of £1,263 million.