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