Interdealer broker ICAP has agreed to acquire PLUS Stock Exchange, the smaller company equity exchange, for £1, subject to PLUS Markets Group shareholder consent and FSA approvals.
PLUS is one of only five RIEs (Recognised Investment Exchanges) in the UK. It provides listing and quoting services to more than 100 companies and generates revenue of approximately £3 million a year. However, the business is incurring a loss.
ICAP is an operator of regulated platforms running the world's largest electronic trading platforms for both FX (EBS) and fixed income (BrokerTec). It also operates 10 multilateral trading facilities (MTFs). In addition, ICAP acts as a broker in exchange products and is a full member of the world's largest exchanges.
"As the world’s leading interdealer broker for the wholesale financial markets in both voice broking and electronic trading, ICAP is well positioned to leverage PLUS’ exchange status to offer new products and solutions for its customers including, in time, listed derivatives," ICAP said in a statement.
