ICAP to Acquire Plus SX
Plus Markets Group has announced that ICAP will acquire its struggling exchange Plus SX for a nominal fee of £1.
The news comes after a tumultuous week for the group, which announced on 14 May that it would be terminating its formal sales process and winding down Plus SX over the next six months. As a loss-making business, Plus justified the sale for a nominal value as a move to preserve value in the group for shareholders.
"The Proposed Transaction is for a nominal amount due to the current liabilities that remain within Plus SX and the ongoing cost of maintaining the registered investment exchange," said Plus Markets in a statement to investors. "Information extracted from unaudited management accounts for the period to 30 June 2011 show losses of £1.025 million attributable to Plus SX. For the year ended 31 December 2010, the audited accounts show losses of £5.694 million attributable to Plus SX."
The two remaining components of Plus Markets Group, derivatives exchange Plus DX and technology arm Plus TS, remain with the company for now. However, a person close to the situation said last week that discussions were ongoing, in private, with several interested parties.
The sale of Plus SX to ICAP is subject to shareholder approval. If the process is not completed, then the announced retirement of the exchange will continue.
Information extracted from unaudited management accounts for the period to 30 June 2011 show losses of £1.025 million attributable to Plus SX.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
This Week: Startup Skyfire launches payment network for AI agents; State Street; SteelEye and more
A summary of the latest financial technology news.
Waters Wavelength Podcast: Standard Chartered’s Brian O’Neill
Brian O’Neill from Standard Chartered joins the podcast to discuss cloud strategy, costs, and resiliency.
SS&C builds data mesh to unite acquired platforms
The vendor is using GenAI and APIs as part of the ongoing project.
Chevron’s absence leaves questions for elusive AI regulation in US
The US Supreme Court’s decision to overturn the Chevron deference presents unique considerations for potential AI rules.
Reading the bones: Citi, BNY, Morgan Stanley invest in AI, alt data, & private markets
Investment arms at large US banks are taken with emerging technologies such as generative AI, alternative and unstructured data, and private markets as they look to partner with, acquire, and invest in leading startups.
Startup helps buy-side firms retain ‘control’ over analytics
ExeQution Analytics provides a structured and flexible analytics framework based on the q programming language that can be integrated with kdb+ platforms.
The IMD Wrap: With Bloomberg’s headset app, you’ll never look at data the same way again
Max recently wrote about new developments being added to Bloomberg Pro for Vision. Today he gives a more personal perspective on the new technology.
LSEG unveils Workspace Teams, other products of Microsoft deal
The exchange revealed new developments in the ongoing Workspace/Teams collaboration as it works with Big Tech to improve trader workflows.