PLUS Markets UK

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Jan 2007 to March 2010

Summary

Executive insourcing for the role of Chief Financial Officer and Chief Technology Officer.

Successful fund raising of £25 Mn and listing on AIM.

RFP, selection, implementation and operation of a complete MIFID compliant quote driven trading, trade reporting and surveillance solution for the Pan European equity market. Record breaking member readiness implementation.

Enhanced the IT infrastructure with new functionality, integration with London Clearing House and surveillance cooperation with London Stock Exchange

Responsible for running this stock exchange. In particular, raised funding, assembled team, obtained for PLUS Markets the first full set stock exchange licences in London for 200 years. Responsible for processes, trading platform, branding, business development, liaising regulatory authorities and devising strategy for the board to approve. Grew the liquidity levels to over Euro 1 billion per month obtaining a dominant market share of AIM securities.

Project and Test manager at PLUS Markets plc from 2007 until April 2010 to implement NASDAQ OMX X-stream trading platform integrated with SMARTS as their new market surveillance system, market data vendor solutions (Reuters, Bloomberg, Fidessa etc), ISVs and internal systems. The main objective of that project was to create a successful implementation for the launch of MiFID and it was achieved in world record time and was accredited with an industry award.

Successful RIE Application with the FSA.

Post live activities included establishing operational procedures.

Detailed activities included:

Description of actual services provided by your staff within the assignment:

The key activities included:

Board:

  • Participating in Board meetings and submitting papers of finance, technology.
  • Leading merger discussions with another market venue.
  • Identifying strategic options for the company and its constituents.
  • Participation in the team to obtain a Recognised Investment Exchange license

Finance Function:

  • Conversion of published accounts to IFRS
  • Totally overhauling the finance function to enable it to operate on an efficient basis
  • Changing banking providers and creating efficient treasury management functions
  • Management and rationalisation of all contracts
  • Management of the financial relationship with the regulator (FSA)
  • Setting up of a risk management and compliance function and monitoring key business and financial risks

IT function:

  • Improving the availability of old systems pending the cut over to MiFID
  • Writing an RFP, running an international tender, selecting a new trading and surveillance system and delivering a new MIFID compliant Pan European trading infrastructure, in world record time, winning an award, and keeping the whole project to time and budget.

The task included responsibility for all phases of testing from user acceptance of functional and non-functional system capacity, market wide testing and creating the migration road map of data transmission across to the new system.

After a successful start in November 2007, BTA was contracted by PLUS Markets plc to manage enhancements to the infrastructure including the delivery of

  • Developing the design of a dark pool,
  • Integration with London Clearing House,
  • Surveillance messaging system to London Stock Exchange SMARTS system
  • Other upgrades and post live activities included establishing IT operational procedures.

Other Business Development tasks:

  • Participation in the design of a strategy for the market place
  • Development of the UK regional market initiative