Bourse concentrates Swiss share trading
The Swiss stock exchange is to reunify share trading in Swiss shares, relocating to Zurich the 32 blue chip stocks that trade through the SWX Europe in London.
SWX Europe (formerly virt-x) is an electronic cross-border share-trading platform that was originally founded in 2001 and taken over by the Swiss a year later.
The company that runs the Zurich bourse – SIX Swiss Exchange – said on Tuesday that the move aimed to harmonise the regulatory environment for all Swiss stocks and improve efficiency.
In a statement, the SIX group announced that from mid-2009 the Swiss stocks in the Swiss Market Index and Swiss Leader Index would be subject only to Swiss regulation and surveillance.
They would no longer have to consider the rules and regulations of Britain and the EU.
SIX said that it was taking into account the changed competitive environment, streamlining its operations and lowering costs substantially.
It added that SIX would keep a team in London after the transition to serve customers there.
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