Borsa Italiana, SBF-Paris Bourse and SWX announce Partnership Agreement

Borsa Italiana, SBF-Paris Bourse and Swiss Exchange SWX have announced that they have signed a partnership agreement. This agreement between three major stock markets is an integral part of efforts towards building the pan-European stockmarket which aims to benefit issuers, investors and market participants. Under the letter of intent signed by the CEOs of the three exchanges, members of each exchange will qualify for cross-membership of the others two before the end of the second quarter. Further links between the three market systems will be set up in order to facilitate trading in French, Italian and Swiss equities and bonds. The agreement is to be submitted to each country's regulatory authorities. On January 28, SBF-Paris Bourse and SWX signed a similar letter of intent allowing Swiss and French financial intermediaries to automatically become member of both markets. The agreement will be operational by the end of the first quarter of 1999 and in the second half of 1999 for the cross-exchange trading. SBF-Paris Bourse is the world's fifth largest stock exchange, with market capitalisation of EUR837 bn at the end of 1998 and trading in French equities totalling EUR521 bn in 1998. There are 962 companies listed on the three markets of SBF-Paris Bourse (Premier Marché, Second Marché and Nouveau Marché). At the end of 1998, the number of members was 94 of which 11 were remote members. Swiss Exchange SWX is the world's sixth largest stock exchange, with market capitalisation of EUR591 bn at the end of 1998 and trading totalling EUR 611 bn in 1998. Swiss equities - 283 in all - account for the bulk of trading (95%) in SWX with 203 foreign "participatory shares" also listed. At the end of 1998, the number of members was 59, of which two were remote members. Borsa Italiana is the world's eighth largest stock exchange, with market capitalisation of EUR 484 bn at the end of 1998 and trading in domestic shares totalling EUR436 bn in 1998. There are 243 companies listed on Borsa Italiana. At the end of 1998, the number of members was 109, of which two were remote members.