The Swiss stock exchange (SWX) has unveiled plans to set up a pan-European blue chip exchange in partnership with London's Tradepoint Financial Networks electronic exchange.This content was published on July 10, 2000 - 11:36
The new platform is to be called virt-x, and SWX will transfer all its blue chip trading to the new exchange, which will be based in London. SWX members will become members of virt-x.
The new exchange will be given exclusive use of SWX's electronic trading platform.
Antoinette Hunziker-Ebneter, chief executive of the Swiss exchange, said virt-x would be unique among European exchanges. "Combining SWX's trading platform and its blue chip volume with Tradepoint's pan-European market will create efficiencies that are not available on any of the other existing European exchanges."
It's expected that the deal will be finalised, subject to detailed negotiations and regulatory approvals, during the third quarter of this year.
The two exchanges said in May they had entered a three-month period of negotiations with a view to creating the new platform.
The announcement follows moves by other European bourses to consolidate. In April, exchanges in Paris, Brussels, and Amsterdam linked up in a three-way merger. The following month, Deutsche Börse of Germany and the London stock exchange said they were merging to create iX, (International Exchanges).
swissinfo with agencies
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