Plus Markets gets recognised investment exchange status
19 July 2007 | 1541 views | 0
PMG is pleased to confirm that its operating subsidiary, PLUS Markets plc ("PLUS ") has been granted Recognised Investment Exchange ( "RIE ") status by the Financial Services Authority.
With immediate effect, PLUS becomes a fully competitive UK-based stock exchange, with exactly the same status, rights and privileges as other European market operators.
This follows PMG's confirmation on 23 March 2007, in the report of its preliminary results to 31 December 2006, that PLUS had submitted its application to the Financial Services Authority in that month. RIE status will enable PMG to continue to pursue its substantial long-term growth plans and to compete further across a wider range of equity market services.
RIE status allows PLUS to expand its primary market offering to a wider range of issuers. PMG will shortly be opening a new "PLUS-listed " market, an EU Regulated Market to serve the needs of issuers seeking full access to the deep pools of capital in London via an Admission to Trading on an RIE, in conjunction with an Official Listing by the FSA. Issuers of all types and domiciles will be eligible to join the PLUS-listed market including investment trusts, REITs and structured products.
In addition, PMG will publish shortly the tariffs for its trading services offering under MiFID which will come into effect on 1 November 2007. The core philosophy behind the new tariff framework will be to reward trading activity which enhances the quality of the PLUS market. PMG proposes to abolish the concept of a membership fee for PLUS market participants and there will be no exchange access fees. PMG intends to place greater emphasis on deriving revenues from the sale of its proprietary market data.
Stephen Hazell-Smith, Chairman of PMG, commented: "RIE status is an important and substantial step forward for us as we develop our UK and European equity market offering. Not having this status acted as a barrier to our market for certain users and its removal makes us totally accessible to all equity market participants. This, together with the new trading platform and our new competitive tariff structure, will complete the picture of our offering under MiFID. We continue to pursue our ambition to become a fully competitive stock exchange for London."