Rich Ricci, the former head of Barclays’ investment banking arm, and ex-Barclays chief executive Bob Diamond have invested in a new stock exchange in the City, according to media reports out today.
The Aquis Exchange, expected to launch in October, has sold a 30% stake to Warsaw Stock Exchange for £5m. It was founded last year by Alasdair Haynes, the former chief executive of Chi-X Europe.
Known to be headquartered on Cheapside, the exchange will operate on a monthly subscription model as opposed to charging fees on individual trades. It is not yet clear in what capacity the two ex-Barclays’ bankers have lent support to the new exchange.
Diamond stepped down as Barclays chief executive in July last year while Ricci retired to a £10m mansion in June. Back in February, it was reported that Diamond was planning to set up a hedge fund in New York.