SWX and Tradepoint seal virt-x deal

SWX and Tradepoint seal virt-x deal

The SWX Swiss Exchange and Tradepoint have signed the set of agreements that will result in the creation of virt-x, a new pan-European blue-chip stock exchange.

Under the agreement, signed and sealed in Zuirich today, Tradepoint will be renamed virt-x and SWX will transfer its blue-chip trading activities to the new exchange which will utilise the EBS System that was developed by SWX.

Standing behind virt-x are the members of the Tradepoint consortium, a group of investment banks and Instinet which stepped in to rescue the ailing automated trading system last year.

In a joint statement, SWX and Tradepoint state: "These companies will combine technologically with the SWX electronic platform to constitute an officially organised securities exchange under British law. Fully automated clearing and settlement, as well as a central counterparty, have been integrated into the virt-x trading platform."

European blue-chip stocks, more than 600 issues in all, will be tradable over virt-x in Swiss francs, pounds or euros. Participants may choose between SIS SegaInterSettle, Crest and Euroclear for settlement purposes. The new exchange is scheduled to go online at the end of the first quarter of 2001.

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