PLUS Markets Group
PLUS Markets Group was a London-based electronic market operator serving smaller companies through cash trading, listings, derivatives and exchange technology.
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Overview
PLUS Markets Group was a United Kingdom financial-market operator focused primarily on smaller companies and electronic trading. Based in London, it developed from OFEX, a growth-company market whose financial difficulties in 2004 led to a restructuring and the creation of the PLUS brand. PLUS was positioned as an alternative to the London Stock Exchange and its Alternative Investment Market, offering a venue where brokers could trade listed securities through electronic infrastructure. The PLUS Service began operating on 30 November 2005. Unlike a conventional single-product brand, PLUS Markets Group operated as a holding and market-infrastructure group. Its principal businesses included PLUS Stock Exchange, commonly known as PLUS-SX, PLUS Derivatives or PLUS-DX, and PLUS Technology, also referred to as PLUS-TX. These activities covered cash-equity trading, securities admission and listing services, derivatives, and the licensing or provision of exchange technology. The group operated within the regulatory framework established by the Markets in Financial Instruments Directive. It functioned both as a regulated market and as a multilateral trading facility. In July 2007, it obtained recognition as a recognised investment exchange, strengthening its formal regulatory position. The group nevertheless struggled to gain scale against the London Stock Exchange, whose established liquidity, issuer base and broker relationships were difficult to challenge. PLUS also faced limitations in trading securities listed on AIM, prompting legal action against the London Stock Exchange. The dispute was eventually settled, but the financial crisis that began in 2008 made the competitive environment more difficult. PLUS attempted to broaden its proposition beyond its original small-company constituency. It hosted a number of notable issuers, including Arsenal Football Club, but did not achieve sustained profitability. Results cited in contemporary material show pre-tax losses of £10.20 million for 2008 and £8.26 million for 2009. A strategic review disclosed in 2009 proposed reducing reliance on the core retail market and developing technology capable of handling more complex instruments, including derivatives. The business entered severe financial difficulty in 2012. In May of that year it first indicated that it might wind down and close after failing to secure a buyer. Shortly afterwards, on 18 May 2012, interdealer broker ICAP agreed to acquire the exchange and derivatives operations. The transaction included the listed companies and the exchange licence associated with the market business. The technology division was subsequently sold to GMEX Group, then known as Forum Trading Solutions. Following the ICAP transaction, the exchange was rebranded as the ICAP Securities and Derivatives Exchange, or ISDX. The PLUS Markets Group brand therefore ceased to operate as an independent market group, although elements of its exchange and technology infrastructure continued under successor ownership.
History
PLUS Markets Group emerged from OFEX, a London growth-company market that suffered a failed fundraising and effectively collapsed in September 2004. Simon Brickles, previously associated with the London Stock Exchange's AIM business, was recruited to manage the rescued operation and became its chief executive. The restructured business developed the PLUS proposition as an electronic competitor to the LSE and AIM. The PLUS Service launched on 30 November 2005. It enabled brokers to trade securities on the LSE official list through a new electronic exchange platform. The OFEX name was phased out in late 2006 after regulatory changes. PLUS subsequently expanded its infrastructure and operating model, eventually comprising PLUS Stock Exchange, PLUS Derivatives and PLUS Technology. Its services covered cash trading, listings, derivatives and market technology. A major regulatory milestone came in July 2007, when PLUS obtained recognised investment exchange status. Despite that achievement, the company found it difficult to build sufficient liquidity and issuer loyalty against the dominant London Stock Exchange. It was also unable to trade AIM-listed stocks for a period, leading to legal action against the LSE; that dispute was settled. The onset of the global credit crisis in 2008 further weakened prospects for a smaller exchange. Although PLUS attracted some recognisable issuers, including Arsenal Football Club, it did not reach break-even. Financial pressure remained evident in the following years. The group recorded a pre-tax loss of £10.20 million for 2008 and a further pre-tax loss of £8.26 million for 2009. In 2009, management announced a strategic review that contemplated moving away from the core retail market and building a platform for more specialised securities, including derivatives. Simon Brickles and chairman Stephen Hazell-Smith stepped down in 2009 and were replaced by Cyril Theret and Giles Vardey respectively. Nemone Wynn-Evans served as finance director. In 2012, after failing to find a purchaser, PLUS initially announced that it would wind down and close. The position changed shortly afterwards when ICAP agreed on 18 May 2012 to acquire PLUS Stock Exchange and its derivatives operations. The deal transferred the exchange business, its listed companies and its licence. PLUS later sold its technology division to GMEX Group, then known as Forum Trading Solutions. The acquired exchange was rebranded as the ICAP Securities and Derivatives Exchange, or ISDX, ending PLUS Markets Group's independent existence. The later corporate history of the successor business included ICAP's rebranding as NEX Group in 2016 and its acquisition by CME Group in 2018, although those events occurred after the PLUS brand had ceased operating independently.
- 2012
Exchange operations acquired by ICAP
[1]ICAP acquired PLUS Stock Exchange and its derivatives operations on 18 May 2012.
- 2012
Technology business transferred to GMEX
[1]PLUS Technology was sold to GMEX Group, separating the technology assets from the exchange business.
- 2009
Management and strategy changes
[1]The chief executive and chairman changed, while the group reviewed a shift toward derivatives and specialised instruments.
- 2007
Recognised investment exchange licence obtained
[1]PLUS gained recognised investment exchange status in July 2007.
- 2006
OFEX name discontinued
[1]The OFEX name was retired after regulatory changes, completing the shift to the PLUS identity.
- 2005
PLUS Service begins operations
[1]The electronic PLUS Service launched on 30 November 2005 as a competitor to established London small-company markets.
- 2004
OFEX crisis and restructuring
[1]OFEX effectively collapsed after a failed fundraising, creating the basis for the subsequent PLUS development.
Products and positioning
A regulated London electronic-market alternative for smaller companies, brokers and issuers, combining cash trading, listings, derivatives and exchange technology.
Cash-equity exchange · 2005
PLUS Stock Exchange
The group's principal cash-market operation, PLUS Stock Exchange provided electronic trading and admission or listing services for companies, with a particular emphasis on smaller issuers. It was later acquired by ICAP and renamed the ICAP Securities and Derivatives Exchange.
Derivatives market
PLUS Derivatives
PLUS Derivatives was the group's derivatives operation. It formed part of the strategic attempt to move beyond the original retail and smaller-company cash-market focus and to support trading in more specialised financial instruments.
Exchange technology
PLUS Technology
PLUS Technology supplied the group's electronic-market and trading-technology capabilities. After the 2012 break-up of the group, this division was sold to GMEX Group, then known as Forum Trading Solutions.
Brand decisions
2012
Sale of exchange and derivatives operations to ICAPM&ABackground
PLUS had reported financial difficulties and initially announced a possible wind-down after failing to find a buyer.
Action taken
ICAP agreed to acquire PLUS Stock Exchange and its derivatives operations, including the listed companies and exchange licence.
Aftermath
The acquired exchange was rebranded as ISDX, while PLUS Technology was sold separately to GMEX Group.
2009
Strategic shift toward derivatives and specialised instrumentsStrategyBackground
PLUS was struggling to achieve profitability and faced strong competition from the London Stock Exchange. The group also reported large pre-tax losses and reassessed its dependence on the retail market.
Action taken
Management proposed moving away from the core retail-market model and developing a platform for more complex securities, including derivatives.
Aftermath
The strategy did not prevent the group from entering financial difficulty and seeking a buyer in 2012.
Pre-tax loss. £10.20 million → £8.26 million (2008 and 2009 financial results)
Recent events
- 2012
PLUS initially announces planned wind-down[1]
Bankruptcy
After failing to find a buyer, PLUS initially announced that it would wind down its operations and close.
- 2012
ICAP agrees to acquire PLUS exchange operations[1]
M&A
On 18 May 2012, ICAP agreed to buy PLUS Stock Exchange and its derivatives operations, including the listed companies and exchange licence.
- 2012
PLUS technology division sold to GMEX Group[1]
M&A
The group's technology division was sold to GMEX Group, which at the time operated under the name Forum Trading Solutions.
- 2012
PLUS exchange rebranded as ISDX[1]
Other
Following the ICAP transaction, the exchange business was renamed the ICAP Securities and Derivatives Exchange.
- 2009
PLUS reports continuing losses and strategic review[1]
Other
The group reported substantial pre-tax losses for 2008 and 2009 and outlined a strategy to move beyond its core retail market toward derivatives and more specialised instruments.
- 2007
PLUS receives recognised investment exchange status[1]
Regulation
PLUS Markets obtained recognised investment exchange status in July 2007, reinforcing its regulatory standing in the United Kingdom.
- 2007
PLUS pursues dispute over access to AIM-listed securities[1]
Lawsuit
PLUS took legal action against the London Stock Exchange after encountering difficulty trading AIM-listed stocks. The matter was later settled.
- 2005
PLUS Service launches as electronic trading venue[1]
Product launch
The PLUS Service began operations on 30 November 2005, allowing brokers to trade securities on the London Stock Exchange official list through PLUS electronic infrastructure.
Sources1 sources
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