Plus Markets, the quote-driven trading system for AIM-listed stocks, is launching a dark liquidity pool for small and mid-cap securities as part of a programme of enhancements to its platform.
Plus Markets says its new dark liquidity pool, called Plus-pool, will provide an anonymous order-driven trading mechanism to complement its current market-maker offering in small and mid-cap securities.
The Plus-pool will enable large institutional block orders in small and mid-caps to interact efficiently in a dark environment on Plus, says the firm.
Plus says its enhancement programme will also see those UK liquid securities currently trading on its platform move from its existing quote-driven board to a new 'hittable quote board', called Plus-HQ.
By facilitating the on-book execution of market maker quotes via a choice of order types - alongside continued support for the Retail Service Provider trading model - the Plus-HQ will attract greater transaction volumes from the increasingly sophisticated order routing systems, says the group.
"By introducing the Plus-pool and the Plus-HQ, we expect to attract new order flow and we are already working with customers towards implementation," says John Crackett, director of technology at Plus Markets.
Both Plus-pool and Plus-HQ will be supported by central counterparty services (CCP) provided by LCH.Clearnet.
London-based Plus operates a junior growth market and secondary dealing platform using technology supplied by OMX. Earlier this month the group entered into an agreement with the Munich Stock Exchange to develop a new pan-European trading platform for small and mid-cap stocks.