CISE poised to acquire Danish-based exchange

The CISE is set to acquire GXG Markets A/S, a European marketplace for small and medium-sized enterprises, which is part of the Swedish-headquartered GXG Global Exchange Group. Included in the deal will be the assets of GXG Markets, including the use of its trading system, its London offices and three members of staff based in London.

It is understood that the CISE had not planned to grow through acquisition at this time, but the opportunity emerged when XG Markets announced in June that it was closing to new business and then a week later revealed that it had voluntarily relinquished its Danish market operator licences.

The company said it had been considering its position under the Danish regulatory environment for several months.

'After a series of discussions with the Danish Supervisory Authority in recent months, it has become clear that being regulated in Denmark is no longer a suitable forum for GXG to run an SME and micro cap marketplace,' it said.

'Therefore, for reasons of business efficacy, GXG has taken the decision to withdraw its Danish licence. We feel confident that CISE will take great care of the SME marketplaces and our London employees. We will work closely together to make the transfer as smooth as possible for our clients,' said Carl-Johan Hogbom, chairman of GXG Markets.

'We strongly believe that CISE will continue to develop the SME marketplaces so that they become the leading European marketplaces for small companies. We are pleased to have found a quality solution for GXG marketplaces moving forward.'

'We strongly believe that CISE will continue to develop the SME-marketplaces so that they become the leading European market places for small companies. We are pleased to have found a quality solution for GXG marketplaces moving forward.'

CISE chairman Jon Moulton, pictured, said that the acquisition would mean rapid and cost-effective growth of the local exchange.

'CISE's structure and our sensible approach to regulation means that we are ideally placed to take on the existing business of GXG. This will provide the platform for CISE to grow its number of listed SMEs and micro-cap businesses, as well as attract business from other niche market sectors.

'The potential new listings stream and infrastructure enhancements represent a huge stride forward in the continued development of CISE.'