Plus Markets, a London exchange that caters to small companies, attacked Monday’s system failure at the LSE for leaving companies unable to trade many of the most liquid Aim securities.
Plus, which became a recognised investment exchange last year, has been trying to get clearance from the UK financial authorities to trade all Aim stocks on its platform. It said in April that it was hoping and confidently expecting proposals to allow it to trade Aim stocks to “be further pursued by the Financial Services Authority and the Treasury this year”.
Under present regulations, each Aim company must seek permission from the LSE before its shares can be traded on the Plus platform. So far only 90 out of more than 1,600 companies have done so.
Plus said it was “only a matter of time” before another LSE system failure, underlining “the urgency of allowing traders to access alternative platforms in order to execute their Aim business”.