Retail-focused UK exchange group PLUS Markets has introduced a new in-house quote and trade reporting platform known as PLUS1, as part of the firm's plan to break even in 2011.
PLUS currently offers cash and derivatives trading, listing and technology services. The new PLUS1 trading functionality is designed to support market making in PLUS's growth stocks and retail order flow trade reporting, and will also support over-the-counter trading of the FTSE MTIRS index series. The firm intends to add request-for-quote and lit book services in 2011.
The company also operates derivatives exchange PLUS-DX, to which Clive Connors, founder of index provider Pipeline Capital, has been appointed managing director with effect from 4 January 2011. In addition, PLUS has installed a new market surveillance platform supplied by infrastructure software provider Progress Software Corporation.
PLUS Markets has also recently adopted a range of services from Algo Technologies, the trading solutions vendor headed by ex-Chi-X Europe chief operating officer Hirander Misra, including a low-latency trading platform for the wholesale market.
The latest round of changes has reduced PLUS's technology infrastructure costs by 75%, in line with the firm's aim of a 40% reduction to below Â£5 million annually from the coming year.
“We have successfully laid the foundation for London's next generation of stock exchange,” said Cyril Theret, CEO, PLUS Markets. “Over the next three-to-six months, we are concentrating on the delivery of our new product lines, with the launch of our short to medium term interest rates-related product set to go live in the first half of next year.”