So, it has finally happened.... PLUS Markets Plc ('PLUS') has become a fully competitive UK-based stock exchange, with the same status, rights and privileges as London Stock Exchange Plc.

The change in status (the market is now a Recognised Investment Exchange ('RIE')) will lead to a significant increase in the trading services PLUS will be able to provide to its member firms under The Markets in Financial Instruments Directive ('MiFID'). It will also allow PLUS to expand its primary market offering to a wider range of issuers - more so with the imminent opening of its 'PLUS-Listed' market.

The PLUS-listed market will provide a fully compliant primary market for issuers subject to an RIE listing obligation (such as investment trusts and REITS) as well as a listing destination for structured products and other specialist securities. Issuers can join this new market in parallel with the Official List. Becoming an RIE also classifies PLUS as a 'market operator' under MiFID, which will open it up to new overseas sources of capital.

Jamie Whitehorn, general counsel and director of regulatory strategy for PLUS Markets Group, who conducted the RIE application, said: "This development takes [PLUS Markets Group] a step further towards its mission to provide efficient access to Europe's deepest and widest pools of capital, supporting small order flow at low cost per transaction and providing cost-effective solutions to meet the full range of trading and listing needs of PLUS customers."

So what should we make of all of this? John Pierce, Chief Executive of the Quoted Companies Alliance, was quoted as saying: "The Quoted Companies Alliance welcomes the approval of PLUS Markets as a full stock exchange for London. We believe our members will benefit from the wider competition and choice that PLUS will provide, acting as a spur to innovation in the equity markets and improving the value of our members' listing in London".

Few would doubt that since Simon Brickles (ex of AIM) took over as Chief Executive, he has had a huge impact on what was a near-bankrupt company in 2004. As noted above, PLUS now has the same status, rights and privileges as the London Stock Exchange and its junior AIM market and can compete with them to attract investment institutions that are either obliged or prefer to deal only on an officially recognised exchange. This move should improve the market's liquidity (hitherto frequently considered to be its major problem), therefore encouraging more companies to list on it.

Only time will tell whether this new status for PLUS will make it a more attractive market for new and growing businesses seeking a trading platform. Becoming an RIE should certainly help it to acquire enhanced status and thus investor confidence. It will certainly be interesting to see whether PLUS can use this as a platform to become a real alternative to the AIM Market at last.