OM And Morgan Stanley Dean Witter's Jiway Exchange Set To Revolutionise Pan-European Share Trading - Jiway Makes Cross Border European Trading A Reality For The Smaller Investor

In a move that will revolutionise share trading across Europe, OM Group of Sweden and Morgan Stanley Dean Witter today released plans to launch Jiway. The ?100 million venture will be an entirely new Exchange concept providing a single access point to more than 6,000 US and European shares, combined with both front and back end processing. Per E. Larsson, board director of Jiway and CEO of OM Group, said: "OM and Morgan Stanley Dean Witter both see a huge demand for cross border and online trading as well as increased trading by private investors. Jiway will be designed to meet these demands perfectly by offering dramatically reduced trading and settlement costs, a single access point to the markets, liquidity from day one, handling of different currencies, custody and corporate action services, extended opening hours and anonymous trading. "We are convinced that this is the solution the market has been waiting for, and we are also very excited to make pan-European trading a reality for smaller investors." Headquartered in London, Jiway will be a screen-based electronic market, which is order and quote driven. A market maker system will offer liquidity from day one, which has been set for September 2000. Jiway facilities will at first be made available to brokers in the UK, Sweden and Germany, and will be introduced to brokers in France, Switzerland, Italy and Holland during 2001. Jiway expects to pick up 50% of all online cross border retail investor share trading within two years, and to be the largest and most efficient execution point for small orders in Europe. Jiway is seeking recognition as a Recognised Investment Exchange in the UK from the FSA. Sir David Walker, Chairman of Morgan Stanley Dean Witter in Europe, said: "We expect online trading volumes to triple by 2003 and cross border trading to be a major factor in this overall growth picture. Jiway is offering something unique and we are delighted to be playing a part in developing the markets, giving many more investors access to trading opportunities, and radically reducing the costs and complexities which have frustrated investors." Morgan Stanley Dean Witter will take a 40% stake in the project, and has agreed to act as initial market maker, thereby providing liquidity. The remaining 60% will be held by OM Group of Sweden. Angela Knight, Chief Executive of APCIMS (The Association of Private Client Stockbrokers and Investment Managers) said: "This is a pan-European solution which the retail broking community will find extremely useful. The Jiway proposition is definitely a major step in the direction of providing lower cost and simpler trading for the investor who wants to buy European and US stocks"