All warrants traded on Euronext's regulated markets will be listed on NextWarrants. Trades will be executed on a specific trading system, NSC-Warrants, to be launched on 27 May 2002. This dedicated platform was developed to take into account the specific characteristics of warrants. NextWarrants will also benefit from the clearing services of Clearnet and the settlement procedure available through Euronext's partnership with Euroclear.
NextWarrants is based on a market model which takes into account the specific structure of these financial instruments. The attractions of this market model include: permanent bid/offer quotes from liquidity providers; indicative opening and closing valuations provided by Euronext; a transparent and liquid market with automated trade execution. As a result NextWarrants will offer issuers, as well as retail and institutional investors, easy and direct access to a market of more than 6,000 warrants.
NextWarrants was created to allow easy identification of warrants. Comprehensive information on each warrant is available on Euronext's website, including product characteristics, historical data and educational documents, and direct links to issuers' websites. Euronext will also boost the development of the warrants market, and that of the NextWarrants segment, through a number of marketing and educational initiatives.
Euronext N.V. is the first pan-European exchange operating the cash and derivative exchanges of Amsterdam, Brussels, Lisbon and Paris, as well as the London-based international derivatives exchange LIFFE. As of 31 March 2002, 1,561 companies were listed on Euronext regulated markets representing a market capitalisation of €2,201 billion. In the first quarter of 2002, 181 million futures and options were traded on Euronext derivatives markets.
