Kleinwort chief hits at Stock Exchange

Kleinwort chief hits at Stock Exchange

Sir Nicholas Redmayne, chief executive of Kleinwort Benson yesterday criticised the London Stock Exchange, saying that it does not take an interest in its members and has indeed set up in competition with them. As a result, Tradepoint may not be the last of the Recognised Investment Exchanges to be set up for UK securities, he said. Giving evidence to the Treasury all-party select committee, Sir Nicholas said: "The exchange should take a stance which properly represents the views of its members. If this does not happen... they may well be tempted to examine the benefits of transacting business away from the exchange."