Scottish Stock Exchange

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The Scottish Stock Exchange was a stock exchange which started trading on 2 January 1964 following a merger of the four main stock exchanges in Scotland: the Edinburgh Stock Exchange, Glasgow Stock Exchange, Dundee Stock Exchange, and Aberdeen Stock Exchange. [1] The main secretariat of the exchange was in Glasgow, while the Edinburgh, Dundee, and Aberdeen exchanges operated as local branches [2] until 1971, when the local exchanges closed completely. [3]

During the construction of the new Scottish Stock Exchange building in St George's Place, Glasgow, the exchange was housed in a converted warehouse on Ingram Street. The new building was opened after two years' work on 13 April 1971. [4]

In 1973, the Scottish Stock Exchange merged into the London Stock Exchange. [5]

Since then, there have been calls to re-establish an independent stock exchange in Scotland. [5] [6]

In 2016, plans were announced for the establishment of a Scottish Stock Exchange by a group of ex-NASDAQ traders and Scottish investors to be based in Edinburgh. The announcement was made after the referendum on the UK's membership of the EU. [7]

In 2018, fresh plans for a Scottish Stock Exchange were unveiled when businessman Tomás Carruthers announced a deal with Euronext to provide its Optiq software platform for a virtual exchange based in Scotland, tentatively known as Bourse Scot. [8] Background research [9] published in November 2018 was positively reviewed in Forbes magazine. [10] Further details were disclosed at an event in March 2019 [11] with news of funding arranged with the accountancy and business advisory firm, AAB [12] once FCA approval is gained. [13] On 9 May 2019 it was announced that Scottish Enterprise had awarded a £750,000 Regional Selective Assistance grant to Project Heather in support of 45 highly skilled jobs [14] However, the scheme collapsed later in the year leaving employees unpaid. [15]

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References

  1. ↑ "Statement Soon on Stock Exchange". The Herald . 5 December 1963.
  2. ↑ "All Deals Marked". The Herald . 30 April 1963.
  3. ↑ "Archives: MS 69 (University of Dundee)". Archived from the original on 29 December 2005. Retrieved 9 August 2013.
  4. ↑ "Stock exchange latest-it's luxury!". Evening Times. 12 April 1971.
  5. 1 2 "Calls for Scotland to have its own stock exchange". 4 August 2010. Retrieved 9 August 2013.
  6. ↑ "Limited buy-in for Scottish stock exchange". 22 December 2009. Retrieved 9 August 2013.
  7. ↑ "Ex-Nasdaq traders bid to launch new stock exchange in Scotland by 2017". 30 June 2016. Retrieved 1 July 2016.
  8. ↑ "Businessman plans Scottish stock exchange". BBC News. 11 December 2018. Retrieved 8 May 2019.
  9. ↑ "Early Background Research" (PDF). November 2018. Retrieved 10 May 2019.
  10. ↑ "Can Project Heather Succeed?". Forbes . 14 December 2018. Retrieved 10 May 2019.
  11. ↑ "Scottish Stock Exchange close to accepting first firms". 7 March 2019. Retrieved 8 May 2019.
  12. ↑ "Scotland moves closer to first stock exchange in 50 years". 23 April 2019. Retrieved 8 May 2019.
  13. ↑ "Project Heather plans Scottish Stock Exchange". 10 April 2019. Retrieved 8 May 2019.
  14. ↑ "Scottish stock market gets £750,000 government grant". 9 May 2019. Retrieved 10 May 2019.
  15. ↑ Murden, Terry (22 December 2019). "Stock Exchange plan scuppered by funding failure – Daily Business". Daily Business.

See also

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