After winning the recognition from Britain's Financial Services Authority, Jiway said in a statement it would start financial operations in London from November 17.

Investors from Britain, Sweden would be able to trade in 180 blue chip shares from Britain, 40 from France and about 100 from Sweden on the Jiway exchange, set up by the Swedish OM Group and US investment bank Morgan Stanley."

This announcement is very significant: Jiway is formally established as an exchange today," Jiway chief executive Per Swensson said in a statement.

Central to Jiway's value proposition is the fact that it is not a broker-dealer. It is a neutral exchange that can provide an open, transparent and regulated marketplace for private investors to realise their goals in investing in stocks from across Europe and the United States."

At its launch last year, Jiway, held 60 percent by OM Group and 40 percent by Morgan Stanley, said it aimed eventually to trade 6,000 shares. OM Group has made a hotly contested takeover bid for the London Stock Exchange, which lapses on November 10.

OM acknowledged October 30 that only 2.73 percent of LSE shareholders had responded favourably to an increased bid that valued Europe's largest stock market at 1.06 billion (1.80 billion euros.

AFP