Progress for Scottish stock exchange proposal

Markets news
Markets news

Advanced plans to create a Scottish stock exchange have taken a significant step forward after the company behind the idea agreed a partnership with an established European market operator.

Bourse Scot’s initiative – known as Project Heather – is led by broker and entrepreneur Tomás Carruthers.

The firm plans to create Scotland’s first stock exchange since the early 1970s and is well on-track after confirming the Euronext tie-up.

The proposed new exchange will be powered by Optiq, the trading platform of the pan-European exchange group.

Euronext is one of the world’s largest stock exchange operators – and is the leading pan-European exchange.

It has 1,300 listed stock issuers worth 3.9 trillion in market capitalisation.

Bourse Scot expects to launch a Scottish stock exchange in the second quarter of 2019, subject to FCA approval, and is in talks with potential issuers who would use it to raise investment.

Once established, a Scottish stock exchange will be a new route for Scottish businesses and organisations to raise funds and complements already, or soon-to-be, established government initiatives such as the Scottish Investment Bank, Scottish Enterprise funding, and the Scottish National Investment Bank.