Jiway Appoints Chairman

Lynton Jones, former Chief Executive of London's International Petroleum Exchange, has been appointed chairman of Jiway, the new pan-European on-line stock exchange. Charged with delivering Jiway's objectives of cheaper and easier pan-European share trading, Jones sees his new role as an exciting challenge. "Jiway is an entirely new exchange concept. It is specifically designed to meet the rapidly-growing demand for on-line trading and pan-European trading from private investors. We have the advantage of a clean start supported by a major US investment bank and using OM's leading exchange technology Jiway will create the best possible on-line solution "Jiway will liberate private investors by reducing trading costs and opening previously locked doors. The settlement infrastructure is a very neat, efficient solution. It will avoid many of the problems currently encountered in pan-European trading, as well as providing at least a 50% reduction in costs." he said. Jones, along with his chairman and several other board members, resigned in August 1999 from London's Petroleum Exchange, where he was Chief Executive, when a proposal to demutualise the exchange and sell a majority stake to outside investors failed to receive a large enough majority. Jones commented: "The traditional exchanges are going to have to adapt to survive. With Jiway we are uninhibited by any legacy systems, structure or administration, which could hinder our progress." Jones' career spans four Recognised Investment Exchanges. As well as London's Petroleum Exchange he was Chief Executive of the OM London Exchange from 1992 to 1996, Managing Director of Nasdaq International from 1987 to 1992 and Director of Public Affairs at the London Stock Exchange from 1983 to 1987.