Screen-based exchange virt-x and SWX Swiss Exchange are to launch a new market segment for Exchange Traded Funds on 6 May 2002 to allow members access to the nascent but rapidly expanding European ETF market.
The market will initially support trading in 23 ETFs comprising four Fresco funds issued by UBS, 15 LDRS issued by Merrill Lynch International and four iShares issued by Barclays Capital.
Antoinette Hunziker-Ebneter, CEO of virt-x plc, comments: "The European market for Exchange Traded Funds is in its infancy, however we fully expect the demand for these products to grow rapidly and mirror the success of ETFs in North America, where they account for a significant proportion of daily traded volume."
At the start of 2001 there were six European ETFs with EUR760 million under management. There are currently over 70 with 91 different listings with assets under management of EUR7.5 billion.