PLUS Markets Group plc (“PMG”) today confirms the successful launch of its new trading platform and significant expansion of its market offering under MiFID. Full London-listed stock coverage, including the FTSE 100, is now available for trading on the PLUS market.
The new platform comprises X-Stream trading technology from OMX - providing rich functionality, flexibility and capacity to manage large transaction volumes - combined with a market surveillance solution provided by SMARTS. It is fully MiFID-compliant and was installed via a 3-4 November weekend cut-over due to PLUS customer demand, with permission from the Financial Services Authority (“FSA”).
PMG has previously confirmed a highly competitive tariff framework which has now taken effect, offering market participants the opportunity for substantial cost-savings as against other execution venues. Key elements include free market access, low execution fees with further volume-based and spread-based discounts, and low terminal user fees.
Trading on PLUS takes place within a comprehensive regulatory framework. As a Recognised Investment Exchange (“RIE”), PLUS Markets is a Market Operator under MiFID and it was also recently granted Trade Data Monitor status by the FSA – one of only five. Easy access is available to the PLUS market for authorised investment firms throughout the EU, in line with MiFID’s “passporting” arrangements.
PLUS trading member firms can now meet all their execution, reporting and transparency needs under MiFID via the PLUS market’s on- and off- exchange quote-driven services. London’s tried and tested trading practices are maintained, including the continuing operation of the Retail Service Provider model and the ability to price-improve.
As well as the PLUS market maker offering, additional trading services are coming on-stream, including multi-currency quotation and trade reporting, and quotation facilities for systematic internalisers. Trading is supported by real-time surveillance delivered to RIE standards and connectivity is straightforward for market participants.
PMG is also pleased to welcome five new investment firms to membership of the PLUS market on its new platform – Alliance Trust Savings, Cornhill Asset Management, Ingenious Securities, Jarvis Investment Management and ODL Securities – bringing to 53 the number of PLUS trading member firms.
It is intended that the stock coverage on PLUS will shortly rise further to include liquid EU shares, taking the number of securities available on the PLUS market to some 7,500. Building on significantly broadened stock coverage and additional trading services, future trading technology enhancements are also planned to increase further the attractiveness of the PLUS market to a wider trading and investment audience.
Brian Taylor, Chief Financial Officer, said: “We are delighted with the successful launch of our new trading platform and the substantial extension of our trading services. PLUS takes its place as an ideal venue for investors to optimise their best execution opportunities under MiFID.”
Markus Gerdien, President, Market Technology at OMX, said: “We congratulate the PLUS Markets Group on the successful launch of the new trading system. I am very proud of the OMX team because this project was one of shorter projects we have taken on. In just six months, OMX delivered a trading platform, a market surveillance platform as well as all associated IT infrastructure and operations. We wish PLUS Markets well as they compete in the new world of MiFID”.
