Virt-x says on track for ten per cent blue chip trading target

Virt-x says on track for ten per cent blue chip trading target

Screen-based exchange virt-X says it is on track to win ten per cent of pan-European blue chip trading within twelve months of launch following the release of half-yearly figures which show an operational break-even for the first three months of trading.

Since the launch of virt-x, formed from a merger of SWX Swiss Exchange and Tradepoint in late June, average daily turnover has risen to EUR2463 million. Daily trading volumes on the exchange now stand at 30,208, of which 1555 are in non-Swiss listed stocks. The exchange says it now has 2600 traders connected.

Antoinette Hunziker-Ebneter, CEO of virt-x, comments: "We are well on track to meet our target of 10% of pan-European blue chip trading."

She says the recent announcement of details of the first European scale central counterparty will lead to further operational and cost benefits for members and represents the final phase in the rollout of the integrated virt-x model.

For the six months to 30 September 2001, virt-x recorded a pre-tax loss £4.2 million (2000: £6.1 million). This includes a £3.1 million operational loss for the last 3 months trading on Tradepoint Europe, reduced to £1.2 million for the first quarter of trading on virt-x.

Duncan Paterson, president of the TP Consortium, says virt-x is the only exchange that meets the market's demand for a single platform trading all 620 European blue chips under a single set of rules. "The cost efficiencies provided by its integrated flexible settlement model provide a real catalyst for the growth in cross-border trading."

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