Tradepoint Financial Networks plc

HC Deb 07 June 1995 vol 261 c203W

Mr. Matthew Banks

To ask the Chancellor of the Exchequer if he will make a statement about Tradepoint Financial Networks plc. [27752]

Mr. Nelson

The Securities and Investments Board is today announcing its decision to recognise Tradepoint Financial Networks plc—Tradepoint—as an investment exchange under the Financial Services Act 1986.

The Treasury has given SIB leave under the FSA to recognise Tradepoint. This decision was reached after receiving a report from the Director General of Fair Trading. This report concluded that none of Tradepoint's rules has, or is likely or intended to have, any significantly anti-competitive effect. Having considered the DGFT's report, I have concluded that there are no grounds on which the Treasury should refuse SIB leave to recognise Tradepoint as an investment exchange.