New European Stock Exchange in the Works

New European Stock Exchange in the Works – But Could be Last Gasp for Dark

Posted by on August 20, 2013                                       /   Comments Off

    Category: World Economy   Tags: ,

Rich Ricci, the former head of Barclays' investment banking division, is reported to be among the wealthy investors backing a new European stock exchange Photo: PA

Stephen: While the idea of a new stock exchange in Europe may sound as though it could be part of the new financial system, Judging by the identities and past roles of the ‘wealthy investors’ behind the venture – and whom I doubt have yet to have accepted a spell in containment – I would say this looks like a last attempt by members of the cabal to try and keep their manipulation of the markets going under a new guise.

Former Barclays Executive Rich Ricci Backs New Stock Exchange

By Harry Wilson, Banking Editor, The Telegraph, UK – August 19, 2013

The former head of Barclays’ investment banking arm, Rich Ricci, is expected to be among the investors behind a new European stock exchange.

Rich Ricci, who stepped down as chief executive of Barclays’ corporate and investment banking division in June, is reported to be one of several wealthy supporters of the Aquis Exchange.

Aquis was founded last year by exchange industry executive Alasdair Haynes. Among its other investors is said to be Bob Diamond, the former chief executive of Barclays and Mr Ricci’s former boss.

Aquis will launch later this year and will offer customers the chance to trade in a range of European shares, according to Financial News.

Unlike existing exchanges, the business will operate on a monthly subscription model as opposed to charging fees on individual trades.

The Warsaw Stock Exchange will be among Aquis’s biggest shareholders and is expected to take a 30pc stake in the business.

News of the two former Barclays’ managers potential investment came as the bank faced renewed legal claims from investors over the capital raisings it undertook in the run-up to the financial crisis.

The US appeals court yesterday ruled that shareholders could sue Barclays over a $2.5bn (£1.6bn) sale of American depositary shares in 2008.

Investors are claiming the bank failed to give adequate disclosure of the potential losses it was facing in the credit markets that four months after the sale led to it taking a £2.8bn writedown.

A spokesman for Barclays declined to comment.

Rich Ricci Out at Barclays Amid Shake-Up