Plus Markets ditches Ofex name
17 October 2006 | 3694 views | 0
Source: PLUS Markets Group
PLUS Markets Group plc (PMG) announced today that the name Ofex is being formally discontinued. The change will be completed with effect from 23rd October 2006 when various legal, regulatory, taxation and investment definition changes are finalised. From that date, the name of its equity market is simply “PLUS”.
The decision to phase out the Ofex name - which PMG considers to be no longer relevant to its product offering - was announced earlier this year. Companies which were on Ofex are now traded on the PLUS-quoted segment of the PLUS market. PLUS has admitted 45 PLUS-quoted companies to its market since the beginning of 2006 to reach the current total of 175. It also has eight companies in the applications pipeline at present. In the whole of 2005 a total of 44 companies were admitted.
These trade on the PLUS market alongside PLUS-traded companies which comprise around 650 companies from the FTSE Fledgling, Small Cap, Mid-Cap and AIM markets. PLUS plans to continue to expand this number as users declare a preference for its electronic platform's market maker/quote driven system.
PLUS Markets Group also announced last month that it is applying to the Financial Services Authority for Recognised Investment Exchange ("RIE") status. The move will significantly enhance PMG's development potential, underpin its substantial long-term growth plans and enable it to compete further across a wider range of equity market services.
In making this announcement, PMG seeks to accelerate the recent successful extension of its business model by developing into a full service stock exchange. Simon Brickles, CEO, said, "PLUS Markets Group is now realising new business opportunities as it pursues substantial long-term growth plans. It will lead to the introduction of a much broader range of primary market products and services, and attract an increased range of specialist issuers to PLUS."