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RealTime IT News

Now It's Official: UK Tech Market to Launch in November

The London Stock Exchange (LSE) Thursday confirmed that it will launch a new market for technology companies called techMARK.

The techMARK is scheduled to open in November.

The new Nasdaq-style market will create a focus for people who wish to invest in leading edge technologies. By bringing together companies with a common commitment to technological innovation, the exchange marks a new approach to stock market investment in the UK.

techMARK will link companies of all sizes, from the FTSE 100 to the FTSE Fledgling lists, and will include over 170 companies already listed on the main market. It will, says LSE, greatly increase the profile and visibility of technology shares.

"London is a major centre for the listing and trading of all types of companies including leading technology stocks," said Gavin Casey, chief executive of the London Stock Exchange.

"The launch of techMARK builds on this success and is part of our long-term drive to support innovative growth companies, including smaller businesses."

The new market is expected to benefit young Internet-based companies by offering an early route to the main market without requiring a traditional three year trading record.

FTSE International will calculate real time indices for techMARK when the market goes live in November. Companies will continue to be listed in their existing FTSE Index as well.

"The new techMARK indices will enable investors to invest directly in this exciting new market," said FTSE International managing director Mark Makepeace.

"I am confident that you will see retail funds based on the FTSE techMARK indices before the year end."