A PLANNED Scottish stock exchange – the country’s first bourse for 45 years – will have a key focus on the social and environmental impacts of listed companies, which will have to show how investment will deliver such benefits.
Bourse Scot’s initiative is the brainchild of broker and entrepreneur Tomas Carruthers, and is expected to launch in the second quarter of 2019.
The company has already announced a partnership with one of the world’s largest stock market operators, Euronext, to bring the exchange to Scotland – and talks are under way with Scottish Enterprise to help with funding for around 60 highly skilled jobs.
Bourse Scot will be headquartered in Edinburgh, with offices planned for Glasgow, Aberdeen and other locations. It will be the first Scottish stock exchange since the Glasgow trading floor closed in 1973.
“Stock exchanges play a vital role in bringing together investors and businesses seeking investment,” said Carruthers.
“In the 1960s there were five such exchanges across Scotland, enabling Scottish investors to directly fund business opportunities which, in turn, supported economic growth.
“Fifty years on and the economic landscape in Scotland is very different. Growth sectors such as renewable energy and biotechnology have once again established Scotland’s standing as a centre of global excellence.
“A Scottish stock exchange will ensure companies can continue to find the financing they need to reach their full potential.”
Research company Momentous Change – founded by former MPs Michelle Thomson and Roger Mullin – carried out most of the research for what Thomson called an “ambitious and audacious” project.
She told The National: “This could become the go-to exchange for those who are interested in ESG investment.
“There should not be the assumption that only Scottish companies will list on it.
“Momentous Change were delighted to help support this project and compile the initial research. Scotland needs doers – ambitious and audacious people who will really think out of the box and make things happen for Scotland.”
Business reaction has also been positive, with Springfield Properties chairman, Sandy Adam, saying: “We floated our family company on the London Stock Exchange last year.
“Had there been an option of a Scottish Stock Exchange, then that would have been something that we would have seriously considered.”
Former enterprise minister, Jim Mather, added: “I would welcome the return of a stock exchange to Scotland especially if it returns with the highest possible emphasis on raising capital ... and commits itself to helping Scotland retain much more of the wealth that it generates.”
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