It was 1973, Jo Jordan had scored the goal that would send Scotland to the World Cup for the first time in a generation, Harold Wilson was considering devolution for Scotland, Dark Side of the Moon was number 1 in the album chart and I was in Primary school. It was then that that Scotland’s last Stock Exchange closed in Glasgow and everything moved to what became the London Stock Exchange. But last week our members in Glasgow, Aberdeen and Edinburgh had the opportunity to learn that things are about to change with the creation of a new Scottish Stock Exchange, under the working title of Project Heather until it gets recognition from the FCA.
Tomás Carruthers heads up Project Heather and provided an overview of the plans that will open a new exchange for the 21st century. The Scottish Stock Exchange will be the first Recognised Investment Exchange worldwide for which companies have to measure their positive social and/or environmental impact before listing and produce an annually updated impact report publicly available on their website.
The members heard Tomás discuss the need for impact reporting to become as mainstream as financial reporting and that they were building an exchange that is more inclusive and accessible to advises, issuers, and investors. He talked us through the agreed technological and strategic partnership with Euronext and how the Scottish Stock Exchange is setting out to bring access, visibility and liquidity to businesses. Scotland has a huge tradition of demonstrating entrepreneurship and inventing just think of all the things attributed to Scotland and this will provide a huge opportunity for raising capital for our new businesses. He asked the advisers to work with them and get involved so they understand the changing financial market imperatives towards sustainable investing which is being driven by investor demand.
The Q&A sessions increased with each presentation and the word with our members was how fascinating this opportunity was and more so that it was happening in Scotland. Following comments about Dundee’s absence from the roadshow, we are looking at dates to rectify this in the near future.
During the Edinburgh session Project Heather were able to announce the home of the new stock exchange will be on George Street in Edinburgh with offices in Glasgow and Aberdeen as well.
Subject to approval from the UK’s Financial Conduct Authority (FCA), the Exchange hopes to launch in the second half of 2019. I suspect that the Scottish Stock Exchange will be well established before we find another Jo Jordan to head us to another World Cup.
Colin Anderson