LSE to wind down derivatives exchange CurveGlobal Markets
The London Stock Exchange has announced plans to shut down its loss-making derivatives exchange, CurveGlobal Markets, just five years after the platform was launched.
The LSE said late on Tuesday that the platform, which launched in September 2016, will stop trading at the end of January next year.
The LSE, which has a 44% stake in the derivatives exchange, said: "CurveGlobal Limited has announced that, following a strategic review of the business, the decision has been taken to wind down the company.
"We encourage member firms to trade out of open positions ahead of the final trading day."
CurveGlobal, which was backed by a consortium of banks including Barclays, Citigroup and Goldman Sachs, as well as the Chicago Board Options Exchange, was launched to compete with the likes of Deutsche Boerse and Intercontinental Exchange Inc.
However, the platform never really took off and required additional funding from its investors. Last year, it recorded a £4m loss.