76% of financial services firms 'do not want regional exchanges'

02 September 2010 at 15:54

76% of financial services firms 'do not want regional exchanges' Over three-quarters of financial services practitioners do not want UK regional stock exchanges, according to a new report.

Data published by the Chartered Institute for Securities & Investment showed that, when asked whether there is a genuine requirement for local exchanges in the days of electronic trading, only 24 per cent said yes.

The government has raised the prospect of setting up exchanges around the UK as a source of investment for business, but of the 76 per cent of financial services firms against this course of action, many claimed that regional bonuses are an "obsolete concept" and "they are from another age of investments buying".

One respondent noted: "We have already merged national exchanges into transnational exchanges, why would we need regional exchanges?"

Meanwhile, the Financial Services Authority has published a new discussion paper which addresses some of the changes to the regulation of trading activities, released following recommendations in the Turner Review after major material trading losses were incurred during the financial crisis.

Posted by James Harrison ADNFCR-3006-ID-800049682-ADNFCR

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