With its Internet Based Listing (IBL) system, SWX has created a mechanism that enables online submission of applications for admission of derivatives to trading. IBL provides a Web-based work environment for issuers in their interaction with SWX and affords them a simple means of linking their derivatives databanks to the system. Compilation of the data takes place only once, and this directly in the offices of the issuer. The net result is a reduction in the amount of work, processing time and expense incurred by all those involved, even as an optimum level of data quality and transparency is achieved. IBL has been in successful operation since December 2002 and at present is being used by a total of thirteen issuers. The lion's share of admission applications is already being processed via the IBL system - of the 251 applications received since the beginning of the year, 156 have been submitted through IBL. Last year alone, SWX admitted more than 4,100 derivatives issues to trading on the SWX Swiss Exchange. In a related development, the newly amended SWX Listing Rules and a corresponding Directive provide for simplified admission procedures for warrants and will enter into force as of March. These new rules afford a more streamlined method for seeking listing approval as well as the opportunity to save on costs. And in the second quarter of 2003, a new fee structure for the admission of derivatives is slated for introduction. The following changes have been approved by the FBC and will take effect with regard to warrants as of 1 March 2003:
- Thanks to the IBL system, trading in a new issue of warrants can commence already on the day after the application for admission is received. Previously, three business days were necessary before that could occur. As a result, issuers can now react more rapidly to changing conditions in the marketplace.
- A registration document, which needs to be submitted only once a year, provides a description of the issuer as well as the generally applicable terms and conditions for issuance. The actual listing documentation now merely contains information specific to the given product and, as before, must be composed for each individual warrant issue.
- Listing notices for warrants may now be published on the Web pages of SWX, whereas to date only newspaper publication was permissible. Through central publication on the Internet, new listing notices can be disseminated rapidly to a broad spectrum of investors and remain accessible for a longer period of time. This form of electronic publication corresponds to standards currently being established at the international level.
