ICAP Securities and Derivitives Exchange

For some companies ISDX may provide a less expensive and more suitable route to floatation than AIM.

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ISDX (formerly PLUS Stock Exchange/PLUS-SX) is a London based stock exchange providing UK and international companies with access to European capital through a range of fully listed and growth markets. The growth market offers cost effective access to capital for businesses seeking a first step onto a public market. The market is supported by a quote driven trading platform with competing two-way prices at all times, and it is the price formation venue for these securities.

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ISDX supports the execution of retail flow across a wide range of UK and European securities. Investors benefit from best execution and flow transaction costs with immediacy of trading, single execution fill, price improvement on the primary best bid and offer and commitment in size for illiquid securities.

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The main benefits of ISDX include:

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• Less demanding admission requirements than AIM and the Main Market. Also no shareholder approval required on most transactions.

• No rules on the minimum size of company that can float (very early stage companies can join provided an appetite for the shares can be established).

• Can provide an exit route for existing shareholders, in particular part exit without the need of disposing of the business.

• Visual platforms to increase the company’s profile and enhance its status with suppliers, customers and staff.

• A source of finance for company development, sometimes at the time of floatation but also subsequent issues through the company’s development.

• For UK investors there are attractive tax reliefs available.
   

Recent initiatives introduced by ISDX are aimed at improving liquidity, company visibility and profile.