Betfair To Compete With London Exchange?

After having received approval from the FSA at the end of July, the online gambling giant Betfair is reportedly getting ready to launch a trading platform in an effort to contend with the powerful London Stock Exchange

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According to a report on City A.M., developers are working to complete the platform based on Betfair’s existing gambling programs, funded by start-up capital from Betfair.

The article also states that the multilateral trading facility will allow investors to exchange contracts for difference, which provide exposure to a company without owning the shares.

Goldman Sachs recently bought a 12.5 per cent stake in the LMAX venture for an undisclosed sum, though Betfair remains the majority owner.

(With files from City A.M.)