Campbell, a prominent Scot sitting as a peer in the House of Lords, will sit on Scotex’s advisory board, according to a Scotex spokesman and a video posted on Scotex’s web site.
Campbell couldn’t be contacted to confirm the appointment. A Liberal Democrat spokesman didn’t comment.
European-led deregulation has led to a new wave of exchanges and other share trading venues being set up in recent years – but these have typically been tech-intensive specialist operations aimed at particular types of professional investors or trades.
Scotex is aiming to revive the idea of exchanges close to the companies they serve – an idea that died in the UK throughout the 1970s when the regional exchanges amalgamated with the London Stock Exchange.
However, an attempt to set up an exchange in Birmingham with help from a regional development agency stuttered and it was sold in 2011 for just £1, local media reported at the time.
Scotex’s plan, however, has been given added impetus by the desire of many Scots to assert independence from London – and more particularly by the Brexit vote.
Scotland and Northern Ireland voted to stay in the EU on June 23, unlike England and Wales. That divide has raised the prospect that Scotland could be asked once again about its future relationship with the UK.
Scotex is looking to raise about £15 million to get the venture up and running, the spokesman said. The group aims to be regulated as a recognised investment exchange and says it will innovate by using distributed ledger technology.
The Scotex spokesman said Campbell’s experience would be “invaluable” and help to ensure “strong governance” of the exchange.
“Effective advocacy is a crucial part of running an exchange as the regulatory burden increases both on exchanges and their participants – and that work is magnified considerably for a new exchange that is looking to innovate on several fronts,” the spokesman said in an emailed statement.
A spokesman for the Scottish Government told FN that it recognises the importance of stock exchanges for companies that want to raise capital to invest for growth.
“For these proposals to be taken forward it will be important to develop traction from investors and participating companies. The stock exchange initiative could help increase the flow of capital which we would welcome,” the spokesman said in an emailed statement.