The new PLUS tariffs will apply to the enlarged trading offering from PLUS, comprising full stock coverage of some 7,500 securities including UK and European liquid shares, and take effect from 1 November, coinciding with the implementation of the new MiFID regime.

The tariffs are designed to enhance the quality and liquidity of the PLUS market and will offer market participants the opportunity for substantial cost-savings as against other execution venues. Key elements of the new tariff structure include:

Free market access: the abolition of membership fees for all PLUS market participants and no exchange access fees. An investment firm wishing to take advantage of the stream-lined regulatory criteria for approval as a PLUS member can do so at no initial cost.

Low execution fees: execution fees are to be introduced, with the opportunity to earn significant volume-based discounts of up to 100% for the most active members. Brokers can choose to subscribe to one of a range of packages designed to suit firms of different sizes, ensuring that all participants can benefit from the PLUS discount scheme. Market makers may subscribe to a Voluntary Maximum Spread Regime, contributing to the high quality of execution available on PLUS, to earn a 100% discount on stock registration fees.

Low terminal user fees: offering all market participants the opportunity to see the deep pool of liquidity on PLUS cost-effectively. PMG intends to place greater emphasis on deriving revenues from the sale of its proprietary market data.

Cyril Theret, Director of Business Development at PMG, said :"The days of traditional monopolistic exchange pricing are numbered. PLUS has already been providing competition and choice for trading UK less liquid securities since 2005. Come November 2007, we will also be providing trading UK and EU liquid securities, providing full stock coverage, at a substantially lower cost than our competitors."