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.”