The trackers listed on Euronext Paris and authorized for distribution in Germany will be tradable from Boerse Stuttgart just like any other product listed in Stuttgart. The trackers will trade during market trading hours in Paris.
"Euronext, the first pan-European exchange is proud to cooperate with Boerse Stuttgart the second largest German exchange, a leader on European structured cash products, such as warrants" said Roland Bellegarde, Euronext Cash Executive Director. "This co-operation will make the trackers more accessible to German investors and will strengthen Euronext's leading position at an European level".
Andreas Willius, Member of the Executive Board of the Boerse Stuttgart said, "With the introduction of trackers we are broadening the range of products for private investors listed in Stuttgart. The fact that Euronext one of Europe's leading stock exchanges is choosing a co-operation with us illustrates the importance of Stuttgart as a financial market place. We are very proud of our new partnership".
(1) Trackers, or Exchange Traded Funds (ETF), are index funds that replicate the performance of an index or a basket of shares. They ally the advantages of shares (simplicity, continuous quotation), to those of the traditional funds (access to a vast choice of shares, geographic and sector-based diversifications).
(2) NextTrack is the market segment dedicated to trackers launched by Euronext in January 2001 on which 63 trackers are listed. It is a successful achievement with a 68% market share in assets under management in Europe, and a 46.6% European market share in turnover over the year 2002. The total number of transactions on trackers in 2002 was 362,646, up 106% on the previous year and the average daily turnover of €129 million in 2002 is up 94.4% on 2001. Euronext is the European leader for listing and trading trackers over the year 2002.
(3) Boerse Stuttgart (Stuttgart Stock Exchange) with its market segment EUWAX is a leader on warrants- and certificates-trading in Europe. It is an ideal place to give German private investors a gateway to trade a wide range of European trackers and the most liquid ETFs in Europe. Together with the trading in shares and bonds the total Stuttgart turnover added up to a volume of 44,6 Billion €uro in 2002. Euwax Broker AG, an order book specialist in Stuttgart and a remote cash member of Euronext, will perform the trading at the market segment EUWAX on the Stuttgart Freiverkehr. There are currently already 64 passively managed and 23 actively managed ETFs being listed on EUWAX.
Euronext
Euronext was formed by the merger of the Amsterdam, Brussels and Paris cash and derivatives exchanges in September 2000. The Euronext Group has since grown further, adding BVLP (the Portuguese cash and derivatives exchange) and LIFFE (The London International Financial Futures and Options Exchange). In 2002 Euronext is leader in Europe for the value of equity trades, and number 2 worldwide in derivatives by the number of contracts traded and the value of trades. www.euronext.com
Boerse Stuttgart
The Boerse Stuttgart is Germany's biggest Stock Exchange behind the Deutsche Boerse AG in Frankfurt. Since the 90s Stuttgart has focused its strategy on the needs of private investors. The key feature of the Stuttgart market model is the so called best-price-principle that offers the investor the chance on a better price than he would get on the main market. This allows Stuttgart to gain market shares over the last years even in a declining market. Of the floor trading transactions in Germany Stuttgart draws approximately 520.000 orders from private investors a month. This is approximately 24,3% of the total german floor trading transactions. About 60% of the above figures are contributed by the EUWAX market segment. www.boerse-stuttgart.de
