To this end, EuroMTS is in the process of forming a User Committee composed of investment banks involved in the relevant securities markets, which will define trading rules for New EuroMTS. Involvement of the issuing entities will also be sought in organising the new market. The intention is to implement a set of listing criteria for New EuroMTS whereby the required issue size is gradually increased to the same level as that of EuroMTS at the time of convergence, or shortly thereafter. EuroMTS expects the lead-up to convergence for these 10 countries to be characterized by a revision in their issuance policies and practices to expand their investor base, similar to the process that occurred with current EU members during the late 1990s.
"New EuroMTS presents an opportunity for Hungary to further its efforts toward convergence to the Euro with respect to the capital markets," said László Búzás, Managing Director of the Government Debt Management Agency of Hungary. "We are delighted to have our bonds included in this new segment, as we expect to see their liquidity grow through the established business model of EuroMTS and through exposure to a wide pool of international investors."
"We are pleased with the launch of New EuroMTS as it represents an opportunity for Poland to gain facilitated access to a new group of investors as it will promote integration between current EU countries and new entrants like ourselves," said Edward Basiski, Deputy Director of the Foreign Policy Department of the Ministry of Finance of Poland. "Polish bonds will no doubt benefit from improved liquidity resulting from more efficient and transparent markets."
Following the establishment of market rules, new users will be connected to New EuroMTS with an aim to launch trading by the end of 2003.
