Euronext Amsterdam started the gradual transfer from floor trading to screen trading in November 2001, and the process has now been completed for 70% of all options and futures. The last phase will be the migration of trading in options on the AEX index to screen trading with effect from 9 December 2002.
The Amsterdam derivatives market has opted for a step-by-step approach for its migration project in order to keep the screens full, i.e. to ensure that there are tradable prices on-screen for all option series mainly to allow private investors to verify prices before concluding a transaction. Traditionally, private investors have accounted for a significant share of all trading volume in Amsterdam.
Due in part to growing interest in the Amsterdam exchange on the part of international investors, the changeover to screen trading has resulted in a substantial increase in turnover, more liquid contracts and lower spreads for investors. To make the market even more attractive to professional investors, Euronext also introduced a series of fee reductions in the course of the migration project.
