|1 July 2016|
A new “innovative Scottish stock exchange” could be opened in the country’s capital if plans by a group of former Nasdaq traders are given the go-ahead.
Edinburgh boasts a strong financial services infrastructure and is an ideal location to support such a venture.
The new Scotex exchange website states: “SCOTEX is a new and innovative stock exchange that will offer capital markets access for the next generation of scientists, inventors and entrepreneurs of Scotland. It is crucial for Scotland that its wealth creators – now and in the future – have a visible equity capital market that is able to provide them with access to the capital they need to grow their companies.
“SCOTEX believes that by using the latest distributed ledger technology – also known as the Blockchain – trades will be able to be settled on the SCOTEX exchange within minutes rather than taking up to three days with conventional clearing methods. This has the potential to dramatically decrease the cost of transacting on SCOTEX which can be a significant advantage over incumbent market operators.”
The electronic exchange could be up and running by early 2017.