PLUS Markets Group

PLUS Markets Group

Company type	Private
Industry	Financial services
Founded	2005
Defunct	2012
Fate	Acquired by ICAP and GMEX Group
Headquarters	London , United Kingdom
Products	Cash trading, securities listings, derivatives, technology solutions

PLUS Markets Group was a London-based UK electronic stock exchange specializing in small capitalization firms. It operated under the MiFID Markets in Financial Instruments Directive framework, serving both as a regulated market and a multilateral trading facility.

The group functioned as the parent company for PLUS Stock Exchange (PLUS-SX), PLUS Derivatives (PLUS-DX), and Plus Technology (PLUS-TX). Its services encompassed cash trading, securities listings, derivatives, and technology solutions. Following financial challenges in 2012, the exchange along with its listed entities were acquired by ICAP, while the technology segment was purchased by GMEX Group (previously known as Forum Trading Solutions).

In 2012, ICAP took over PLUS Markets and rebranded it as the ICAP Securities and Derivatives Exchange (ISDX).

History

PLUS Markets originated from OFEX, a marketplace for growth companies that collapsed in 2004 due to unsuccessful fundraising efforts. Established in 2005 to rival the London Stock Exchange’s Alternative Investment Market, PLUS introduced innovative electronic trading software. The PLUS Service launched on 30 November 2005, allowing brokers to trade any stock listed on the LSE’s official register.

Following regulatory reforms, the OFEX brand was phased out by late 2006. In July 2007, PLUS secured its recognised investment exchange (RIE) licence but faced difficulties competing with the dominant LSE, especially since it initially lacked permission to trade AIM-listed stocks—a situation that led to legal disputes resolved outside court. The 2008 financial crisis further impeded trading volume growth. Despite hosting prominent listings such as Arsenal Football Club, PLUS struggled to achieve profitability and encountered financial strain by 2012.

From a financial perspective, PLUS recorded pre-tax losses amounting to £10.20 million in 2008 and £8.26 million in 2009. A strategic reassessment prompted a pivot away from retail markets toward building platforms for more sophisticated instruments like derivatives.

In May 2012, after unsuccessful attempts to secure a buyer and announcing plans to cease operations, PLUS Stock Exchange and its derivatives division were acquired by ICAP. The technology arm, PLUS-TS, was subsequently sold to GMEX Group. ICAP later rebranded as NEX Group in 2016 and was itself acquired by CME Group in 2018.

Management

Initially, Simon Brickles—former Head of AIM at the London Stock Exchange—served as chief executive starting in late 2004 after overseeing OFEX. Stephen Hazell-Smith, a fund manager specializing in small companies, joined as chairman in 2005. In 2009, leadership transitioned with Cyril Theret, previously business development director at PLUS, appointed CEO, and Giles Vardey assuming the chairman role. Nemone Wynn-Evans, who also had a background in business development at PLUS, managed financial operations as finance director.

See also

• London Stock Exchange
• Alternative Investment Market
• Markets in Financial Instruments Directive
• List of stock exchanges in the Commonwealth of Nations

External links

• Roscoe, P. J. 2017, A historical sociology of London's smaller company markets: The emergence and decline of the penny-share offer. University of St Andrews.
• Official PLUS Markets website
• Issuer Regulations for PLUS Markets
• Announcement: PLUS preparing to relaunch as a derivatives exchange
• PLUS MARKETS’ submission responding to the MiFID review public consultation
• Analysis: PLUS Markets underwhelms ahead of its derivatives market launch
• Uncertainty surrounds the future viability of PLUS as an exchange