Simon Brickles and Stephen Hazell-Smith have finally decided to step down after actively running Plus Markets, the former Ofex for five years. The move would pave a way for the new generation to participate in the growth stories of the market amid very challenging times of slowdown.

Mr Brickles joined Plus as Chief Executive in 2004 after resigning from the London Stock Exchange. He would now be replaced by Cyril Theret who is currently acting as a Business Development Director of the company. Mr Brickles will now assume the charge of Executive Vice-chairman of Pulse Markets for the development of the international business with special focus in the Middle-East region.

Expressing commitment to provide his full support to the new Chairman and the Chief Executive, Mr Brickles said, "Plus has completed the first phase of its development. It is now time to build on these achievements and cater for a broader range of products and services and to continue to expand internationally."

In the meantime, Giles Vardey will replace Mr Hazell-Smith as the Chairman of the firm. Giles Vardey has vast experience in hand and he served the board of the LSE for five years between 1992 and 1997. He also remained instrumental in implementing SETS electronic trading system and occupied the post of non-executive on Plus's board for two years.