Clifford Chance and Freshfields Bruckhaus Deringer have helped resolve a competition dispute between the London Stock Exchange (LSE) and rival trading platform Plus, preventing the need for a High Court date in June.
Plus, advised by Clifford Chance litigation partner Luke Tolaini, challenged the LSE over a rule that it claims effectively prevented AIM companies from trading on its platform.
Previously the LSE, represented by Freshfields partner Jon Lawrence, required trades on other venues to be reported to the LSE and to have the consent of the company.
After the settlement Plus will no longer need consent to trade AIM-listed stocks on its platforms. The changes come into force on 1 September. The news saw shares in Plus rise to 8p.
Clifford Chance instructed Nicholas Green QC of Brick Court Chambers for the pre-trial hearings, while Freshfields used Monckton Chambers silk Peter Roth.
Plus has had a combative relationship with AIM since it launched in 2004 and has recently targeted companies wishing to delist from AIM to find a cheaper trading venue.
The dispute had been running for more than 18 months.