Bourse Scot to be launched
Scottish Stock Exchange backers to unveil latest plans
Michelle Thomson: a member of the consultancy team (pic: Terry Murden)
Further details regarding plans for a new Scottish Stock Exchange will be revealed at a meeting in Edinburgh early next month.
Momentous Change, the consultancy which produced initial research for the project, has been retained to work on the next phase. It will be inviting the business community to a meeting in the Science Building Lecture Theatre, Botanical Gardens, on 7 March.
Bourse Scot, first revealed by Daily Business in December, will be launched in the Spring in conjunction with Euronext and is led by experienced broker and entrepreneur Tomás Carruthers, pictured.
It has been working for months under the codename Project Heather and plans to create Scotland’s first stock exchange since the early 1970s.
The team has been in advanced discussions with key stakeholders for nearly two years. Mr Carruthers is being supported by a number of experienced advisors including Mike McCudden, Douglas Boyce, Kevin Milne and Heather Buchanan.
Executive search firm Carlyle was commissioned to bring forward recommendations for the company’s executive team and it is thought there may be news on who will be leading the business.
The proposed new exchange will be powered by Optiq, the trading platform of the pan-European exchange group.
The public will be able to buy shares listed on the exchange through any major stockbroker, with share ownership being settled in CREST, the central securities depository common with other UK exchanges.
Euronext is one of the world’s largest stock exchange operators – and is the leading pan-European exchange covering Belgium, France, Ireland, The Netherlands, Portugal and the UK. It has 1,300 listed stock issuers worth €3.9 trillion in market capitalisation.
Bourse Scot expects is subject to FCA approval, and has been in talks with a number of potential issuers who intend to use it to raise investment.
Momentous Change is a consultancy run by Roger Mullin, an Honorary Professor at the University of Stirling’s Management School; John Millar, John is a doctoral researcher at the University of Edinburgh Business School, and Michelle Thomson, the former SNP MSP who has a background in financial services, IT, property and the creative sector.