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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Definition: recognised stock exchanges: other markets: Tradepoint, virt-x, SWX Europe, PLUS

An alternative trading system, the Tradepoint Investment Exchange (known as Tradepoint) came into operation in September 1995 as a competitor to the London Stock Exchange. It merged with SWX Swiss Exchange in 2000 and was renamed ‘virt-x’. The ultimate parent of virt-x (SWX Group) merged with two other companies in 2008 and virt-x was renamed SWX Europe. In 2009 SWX Europe was closed and its trading activities relocated from London to Zurich.

During its life, Tradepoint/ virt-x/ SWX Europe allowed trading in shares and securities which were listed on the Stock Exchange Daily Official List (see CG50255) or on the Swiss Stock Exchange. That alternative system of trading did not alter the status of the shares as being ‘listed’ or ‘quoted’, which was determined by their listing on SEDOL or other recognised stock exchange.

Until 2007 an alternative market called OFEX operated in London: OFEX was not itself a recognised stock exchange and it did not admit shares that were included in the official UK list, so shares traded on OFEX were not listed or quoted on a recognised stock exchange. In July 2007 OFEX became PLUS Markets plc, operating a stock exchange in London specialising in small and mid-capitalised companies. It presently has three markets, PLUS-listed, PLUS-quoted and PLUS-traded. As at early 2010, only PLUS-listed is designated by HMRC as a recognised stock exchange.