Virt-x, the pan-European blue chip equity exchange formed from the merger of SWX Swiss Exchange and Tradepoint, has opened for trading on schedule.
The market will initially trade 229 Swiss and UK blue chip stocks; the constituents of the DJ EuroStoxx50 and DJ Stoxx50 indices will be added on 2 July, followed by the remaining stocks in the European blue chip indices on 9 July.
Following the completion of the phased launch, virt-x will support trading in 613 European blue chip equities, which represent approximately 80 per cent of the European market capitalisation.
As well as a single rule book and regulatory environment, virt-x's 110 members will also have a choice of three different clearing and settlement agencies for post-trade services. In a second phase, virt-x plans to move to a central counterparty using the London Clearing House.
Antoinette Hunziker-Ebneter, CEO of virt-x, believes the exchange will benefit from first-mover advantage to develop critical mass in European blue chip trading.