SWX Swiss Exchange/virt-x And SIS Group Support European Code Of Conduct On Clearing And Settlement

The Swiss Financial Infrastructure companies: SWX Swiss Exchange, virt-x Exchange Limited, SIS SegaInterSettle and SIS x-clear are pleased to announce their support for the European Code of Conduct on Clearing and Settlement, an initiative proposed by EU Commissioner McCreevy in spring 2006. SWX and virt-x have signed the code and SIS SegaInterSettle and SIS x-clear have signed a letter of intent pending Board approval. Both measures demonstrating commitment to the objective of the Code of Conduct – in line with the objectives of the European Commission – to allow investors to trade European securities within a consistent, coherent and cost-efficient European framework.

The Code of Conduct will cover the following areas:

1. Price transparency, to help customers to understand and compare prices and services.
2. Standard unilateral access between Organisations and interoperability, to enhance the ability of Organisations to interconnect and ultimately increase freedom of choice for market participants.
3. Service unbundling and accounting separation, to facilitate competition, increase customer choice and provide relevant information on the services provided.
4. Monitoring of industry action.