Project Heather has announced it will receive a £750,000 Regional Selective Assistance (RSA) grant to support its investment in Scotland’s stock exchange.
The grant, funded by Scottish Enterprise, will enable the organisation to provide up to 45 high-skilled jobs across Scotland. The stock exchange will be headquartered in Edinburgh, while Glasgow and Aberdeen will also benefit from the investment with both cities set to host representative offices.
Led by veteran broker and entrepreneur, Tomás Carruthers, Project Heather aims to build a stock exchange that will act as a bridge between “values-aligned investors and companies.”
The stock exchange will be the first Recognised Investment Exchange anywhere in the world in which companies must demonstrate how they will use raised capital for a purposeful or positive impact on society and/or the environment.
Project Heather is working alongside Euronext, Euro CCP and Euroclear to provide the market infrastructure for the proposed exchange, with the organisation targeting a launch in the second half of 2019.
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Commenting on the announcement, Carruthers said: “We are delighted to receive Scottish Enterprise’s support for the creation of a stock exchange for the 21st century; one which serves society and can be trusted to serve all stakeholders.
“In addition to directly employing many highly-skilled people, a successful stock exchange in Scotland will foster greater prosperity and support the decentralisation of capital and wealth away from London and the South East.”
As hiring plans commence for Project Heather, the organisation said it wants to attract candidates from a diverse pool and that inclusion will be “at the heart” of the new stock exchange.
Business Minister Jamie Hepburn said: “Enhancing the Scottish funding landscape by the establishment of a Scottish Stock Exchange would not doubt add value and provide greater choice to Scottish companies seeking to grow and fulfil their ambitions. This would be a welcome addition to Scotland and to the businesses who would wish to use the stock exchange for investment.”