The market will initially trade 229 Swiss and UK blue chip stocks; the constituents of the DJ EuroStoxx50 and DJ Stoxx50 indices will be added on 2 July, followed by the remaining stocks in the European blue chip indices on 9 July. Following the completion of the phased launch, virt-x will support trading in 613 European blue chip equities, which represent approximately 80% of the European market capitalisation.
virt-x provides its 110 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 based on the proven and scaleable SWX Trading System, with a link to 3 settlement organisations;
- multi-currency capability;
- significant scope for cost savings; and
- fully integrated trading, clearing and settlement to include the London Clearing House as central counterparty in a second phase.
We believe that virt-x will deliver real cost savings to the industry and benefit from first mover advantage to develop critical mass in this rapidly expanding pan-European blue chip equity market".
