Jiway, the pan-European retail broker developed by OM Gruppen and Morgan Stanley Dean Witter, has been granted the status of a Recognised Investment Exchange (RIE) by the UK’s Financial Services Authority.
Jiway also gains Regulated Market Status under the Investment Services Directive which effectively grants it a licence to begin trading throughout the European Union.
With RIE status in the bag, Jiway has detailed its roll-out schedule, which will begin on Friday 17 November 2000.
Per Swensson, Chief Executive of Jiway Holdings, says: "Central to Jiway’s value proposition is the fact that it is not a broker-dealer. It is a neutral Exchange that can provide an open, transparent and regulated marketplace for private investors to realise their goals in investing in stocks from across Europe and the US."
John Rawlings, who has been appointed a non-executive director of Jiway Limited, says the attainment of RIE status promises investors the highest standards in regulation and transparency. "I see it as my role to help uphold these high standards," he adds.
To commence its roll-out on 17 November, Jiway will offer investors in the UK, Sweden and Germany trading in 180 blue chip stocks from the UK, the CAC40 stocks from France, and around 100 blue chips from Sweden. The list will grow as Jiway adds more countries in the ensuing weeks, says the company.