Brief: Tradepoint losses deepen to £8 million

Brief: Tradepoint losses deepen to £8 million

London Stock Exchange rival Tradepoint has reported losses of just over £8.5 million, up from £7.3 million on the previous year. Operating costs also rose by just over £2 million, with £1.15 million attributed to the costs of establishing a new pan-European blue chip trading platform.

On the positive side, turnover was up 119% on the previous year to £1,477,160. Tradepoint has also been bouyed by significantly increased volumes across the new equity trading system launched earlier this month.

Tradepoint was refinanced by a consortium of international brokerage and financial services firms led by Instinet in May 1999; a further six international brokerage firms have since signed up with the exchange, bringing the number of industry backers to eleven.

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