The exchange also announced that the Pan-European Equities Tariff for non-Swiss equities will be capped at Euro 20 from launch.
In a phased launch, trading in Swiss and UK blue chip stocks will commence on 25 June. The constituents of the STOXX 50 and EUROSTOXX 50 indices will be added on 2 July, followed by the remaining stocks in the European blue chip indices on 9 July. Following the launch, virt-x will support trading in 612 European blue chip equities, which represent approximately 80% of the European market capitalisation. The Tradepoint market will cease to be available for trading from the close of business on 29 June 2001.
virt-x will provide members with a number of significant advantages:
- direct trading in the constituents of all major European indices on one exchange, with one rule book and within a single regulatory environment, supervised by the FSA;
- an electronic anonymous order book;
- exclusive use of the SWX System for trading pan-European equities;
- fully integrated trading, clearing and settlement to include the London Clearing House as central counterparty in a second phase;
- significant scope for cost savings; and
- multi-currency capability.
