Portuguese MTF PEX ready for launch

Source:

The Executive Board of OPEX-SGSNM SA, having heard the market agents, including all financial intermediaries and issuers, makes public that the first Portuguese Multilateral Trading Facility, PEX, registered in CMVM on April 7, 2008 (Portuguese Market Regulator) will begin its activity, as such, next Monday, June 16th.

OPEX is the only Portuguese firm that manages Multilateral Trading Facilities and whose structure was always prepared to become a MTF (Multilateral Trading Facility) according to the Markets in Financial Instruments Directive - MiFID.

Multilateral Trading Facilities play a key role in the primary objective of the MiFID directive; providing competition on equities exchange trading.

The Portuguese market will be the second market with European Passport to become an option for exchange equity trading orders. On the short run OPEX wants to position itself as the MTF platform of choice for the Portuguese Market.

Initially, PEX-MTF will list all companies admitted on the domestic regulated market, trading from 8:00 a.m. to 19:00, in continuous trading. In attach, those securities are listed.

It was decided to start the negotiation with a selected pilot group of Members. We want to ensure PEX is a benefit to the market. Within the pilot group: Caixa Banco de Investimento, Finibanco, Lisbon Brokers and Golden Brokers: representative of Portuguese domestic intermediaries.

This innovation will impact exchange brokerage, since all Financial Intermediaries should adopt the Best Execution principle to give their customers the best possible result at the time of execution, taking into account, among other factors, the different trading platforms.

OPEX welcomes this new milestone in the Portuguese financial markets and takes this opportunity to thank all those that helped to achieve the objective launched in 2003 and which has, while expecting the legal framework to start its activity as an MTF, achieved the following benchmarks:

  • PEX was the first platform to list Units of Special Investment Funds (FEI's), leading the market in this segment (100% market share).
  • PEX was the first platform, in Portugal, to list structured products on commodities (Turbo Warrants e Certificates on Gold and Oil ) p;
  • PEX introduced for the first time in Portugal Certificates and Reverse Certificates (98% market share)
  • PEX is now the market leader also for Structured Bonds (52% market share)

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