Tradepoint boosts volumes as losses double
23 November 2000 | 1769 views | 0
UK-based alternative trading system Tradepoint is reporting a sharp upturn in volumes following the launch of its pan-European blue chip dealing system. Average daily trading volume increased 79% to £75 million following the opening of the European market in July.
Tradepoint, which has signed heads of agreement with SWX Swiss Exchange to launch a revamped European trading platform - virt-x - is reporting a 188% increase in turnover from £0.56 million to £1.6 million for the six months to end-September. Losses have almost doubled over the timeframe, from £3.6 million to £6.1 million.
Richard Kilsby, chief executive of Tradepoint Financial Networks says the launch of the pan-European market in July and the resultant increase in daily volume on Tradepoint is further evidence of the demand for a pan-European blue chip market. "The proposed creation of virt-x gives us the opportunity to take our existing European platform to the next stage of its development by creating a market with a state of the art trading system and critical mass of liquidity," he adds.