Tradepoint Financial Networks plc - U.S. Members Gain Direct Access To European Equity Trading For The First Time

Tradepoint Financial Networks plc (“Tradepoint”) - the electronic market for equities trading - has announced that the U.S. Securities & Exchange Commission (“SEC”) has issued a no-action letter with regard to trading of European equities on Tradepoint. This will make Tradepoint the first stock exchange to be able to offer trading in European equities to U.S. buy and sell side members.

Following the launch of its pan-European blue chip market on 10 July 2000, Tradepoint’s U.S. members will be able to trade directly in the constituents of all the major pan-European indices on one exchange with an integrated clearing and settlement platform and one set of trading rules. This will not only facilitate the process of trading European equities but also has the scope to significantly reduce the associated costs.

Commenting on today’s announcement Richard Kilsby, Chief Executive of Tradepoint, said:

“This is a major development for Tradepoint as it is now in the unique position of being able to offer the vast U.S. financial community direct access to European equity trading.

“It has the potential to significantly improve volumes and is consistent with both Tradepoint’s and the Consortium’s objective of developing Tradepoint, on its own or in partnership with other organisations, as the principal marketplace for trading Eurotop 300 stocks by the fourth quarter of 2001. It will also position Tradepoint well in respect of the growing U.S. investment in European equities.”