While virt-x's share of the DJStoxx 600 remains broadly in line with the 9.3% reported at its results in July, this trading continues to be concentrated in the Swiss blue chip stocks and the most liquid DJ EuroStoxx 50 and DJ Stoxx 50 stocks. As members do not expect the demand for trading in the broader indices to increase until equity markets start to recover, virt-x has decided to focus the number of blue chip equity securities traded on the market to the constituents of the DJ Stoxx 50, DJ EuroStoxx 50 and the major national indices. virt-x's long term strategy remains the same and it will continue to develop its market model to ensure that the Company is well positioned for a recovery in the European equity market.
Commenting on today's announcement, Peter Keller, CEO of virt-x plc, said:
"In light of the current market environment, it has been necessary to review all areas of the business to ensure that it is run as efficiently as possible. While we will continue to develop the market model to meet the demands of our members, we have decided to focus the market on the most liquid blue chips until market conditions improve and the demand for cross border trading increases. "The fact that we have maintained our market share above 9% throughout 2002 confirms the efficient nature of the virt-x model. The Board and our major shareholders remain convinced of the financial and operational benefits of the virt-x market model and believes that the Company is well positioned to be the European cross border market of choice when equity volumes recover."
