Turnover On SWX Eurobonds Surpasses One Billion Level

By the first day of December 1999, bonds worth a total of CHF 1 billion in principal value had changed hands via the SWX Eurobonds trading platform. Ever since foreign investors were freed in March of this year from paying Swiss stamp tax on foreign bonds, turnover on SWX Eurobonds has risen continuously. In November, Eurobonds involving more than USD 71 million were traded; in euro-denominated bonds, turnover surpassed EUR 94 million. Currently, 29 market participants utilise the SWX Eurobonds platform, three of which (CSFB, UBS and ABN Amro) make active markets. During the first quarter of 2000, PaineWebber, J.P. Morgen and Barclays will join them as market makers. SWX is reckoning that the coming year will see total turnover in its Eurobond segment reach a value of CHF 20 billion. For market makers as well as those involved in private banking, SWX Eurobonds is clearly the most efficient trading platform available: pricing is transparent, and the automation of retail order flow creates added value for customer transactions. Integrated in this trading platform is a fully electronic clearing link to Cedel and Euroclear. SWX Eurobonds Product Manager Ueli Goldener (++ 41 1 229 28 78) would be pleased to provide you with any additional information you may require.