Struggling UK exchange operator Plus Markets has put itself in the shop window, commencing a formal sales process to identify potential investors.
The company - which started life as a small cap market operator - has had a tumultuous past two years, culminating in the November departure of chairman Giles Vardy following a shareholder revolt.
Plus has sought to reposition its business recently as a supplier of technology to the dealing community, alongside its roots as a Recognised Investment Exchange. The company now offers proprietary "white label" trading platforms and, through PLUS-DX, an authorised derivatives trading venue.
In a statement, the company says that "it is in the best interests of the company to seek a partner which will help it achieve the scale and reach required" to compete for business in an increasingly global marketplace.
The Plus board has appointed Wyvern Partners to handle the sale and field offers from interested parties.