PLUS Markets Group and Direct Edge ECN LLC revealed their intention to co-operate with opportunities relating to the listing and trading of equity securities in the United States, the United Kingdom and the European Union. The two parties have entered into a Memorandum of Understanding, which is both non-binding and non-exclusive, as the basis for their future co-operation.
PLUS Markets is a London-based stock exchange specializing in small and mid-cap U.K. and European equity securities. Direct Edge is a U.S.-based electronic communications network that is currently in the process of converting to an SEC-regulated stock exchange. Direct Edge is the fourth largest U.S. equities market centre, handling an average of over a billion shares a day (accounting for over 10% of U.S. trading volume) through its trading platforms.
“We are delighted to be exploring transatlantic co-operation opportunities with Direct Edge, who have established themselves rapidly in the highly-competitive U.S. equity trading marketplace,” said Simon Brickles, chief executive officer of PLUS Markets Group, in a press release. “Together, as the European markets adjust to a post-MiFID environment, we believe there are exciting opportunities which we can leverage,” he said.
“PLUS Markets has followed much the same path in Europe as Direct Edge is following in the United States. PLUS Markets innovated, established a successful core business, broadened its offerings, made the transition to exchange status, and is now expanding its business even further. We look forward to exploring future business opportunities together,” said William O’Brien, CEO of Direct Edge, in the release. The two parties were introduced by Rosenblatt Securities at their Global Exchange CEO & Investor Conference in New York.