The operator of a pan-European blue chip equities exchange, virt-x, has completed member readiness checks and market testing.
In a phased launch, trading in Swiss and UK blue chip stocks will commence on 25 June. The constituents of the STOXX 50 and EUROSTOXX 50 indices will be added on 2 July, followed by the remaining stocks in the European blue chip indices on 9 July. The Pan-European Equities Tariff for non-Swiss equities will be capped at Euro 20 from launch.
Following the launch, virt-x will support trading in 612 European blue chip equities, which represent approximately 80 per cent of the European market capitalisation.
Tradepoint Financial Networks plc developed virt-x with the SWX Swiss Exchange. The pan-European exchange will provide direct trading in all major European indices on one exchange, with one rule book within a single regulatory environment, supervised by the FSA.
The platform will offer an electronic anonymous order book and exclusive use of the SWX System for trading pan-European equities. The fully integrated trading, clearing and settlement includes the London Clearing House as the central counterparty in a second phase with multi-currency capability.