Virt-x invites discussions with potential partners

Virt-x invites discussions with potential partners

Pan-European exchange virt-x say it is open to discussions with other exchange operators about potential co-operative ventures.

Peter Keller, CEO of virt-x since September, notes that market requirements have changed since the founding of virt-x one-and-a-half years ago. At the time, the exchange laid out plans to capture 10% of pan-European share trading volume within its first year, using the domestic blue-chips traded over partner SWX Swiss Exchange as a springboard. However, the array of non-Swiss listed shares traded over virt-x has been confined to the most liquid issues as markets have continued to decline across Europe.

In a statement issued as part of a structural overhaul at SWX Group, the company states: "From a strategic point of view, virt-x is keeping all of its options open. Included in that open attitude remains its willingness to entertain discussions on potential cooperative ventures."

Scheduled to take effect as of 1 January 2003, the new structure is intended to provide for a clear line of functional demarcation between the SWX Group and the SWX Swiss Exchange.

Significantly, the re-organisation provides a more efficient means of coordinating the group's strategic holdings at an operational level - as well as realising opportunities for organisational efficiency.

"Despite these adjustments to the organisational structure of SWX, nothing has changed as it pertains to the mandate of the SWX Swiss Exchange," states Heinrich Henckel at a media conference today.

The SWX Swiss Exchange will continue to operate Switzerland's domestic securities exchange he insists.

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