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March 28, 2005

London Stock Exchange reveals SETSmm extension

The London Stock Exchange has extended its electronic order book, SETSmm, to cover another 200 securities.

By CBR Staff Writer

The Exchange said it will introduce a phased rollout of the changes, beginning with the migration of 200 Small Cap securities on its Main Market in July this year followed by the remaining Small Caps in December.

Further work with market participants is expected to be undertaken regarding the transfer of liquid AIM securities to SETSmm, which is being examined in conjunction with the introduction of a new benchmark AIM index, currently under development with FTSE International.

In addition to the SETSmm extension, the Exchange announced that it will, subject to regulatory approval, introduce a tailored incentive package for liquidity providers in an attempt to ensure maximum opportunity for continued and deep liquidity provision in Small Cap securities.

The Exchange has also set objective criteria upon which to judge whether securities are suitable for trading on SETSmm, aiming to ensure that securities are trading on the optimal platform, and where a particular security does not trade as expected, it will be transferred back to a quote-driven system.

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