Speaking at the International Stock Exchange Congress in Frankfurt last Friday, a senior official of Deutsche Boerse AG, the operator of the Frankfurt Stock Market, and recently rebuffed by London's troubled stock market, is developing an Internet-based stock market for individual investors which will offer trading in European and Nasdaq shares. Knight Trading Group Inc., the biggest Nasdaq market maker, will be among the new exchange's market makers. "Nasdaq stocks are interesting because there's a lot of retail interest in them," said the official.
However, Deutsche Boerse faces competition on all sides from rapidly growing on-line brokers and ecn's.
Major German e-broker ConSors has said it will link with the Berlin bourse to set up an exchange for private investors, having bought leading Berlin broker Berliner Effektengesellschaft in May. ConSors, one of Europe's leading online brokers with almost 500,000 clients, is also considering extending its operations into the UK market. ConSors has already set up brokerage operations in Switzerland, France and Spain, and is forging a partnership in Italy.
Comdirect, a subsidiary of Commerzbank, moved into France and the UK earlier this year and Direkt Anlage Bank (DAB), a unit of the Munich-based HypoVereinsbank, acquired France's Self Trade in September. Comdirect recently cut its transaction costs by up to 60 per cent in response to a slowdown in client growth which has affected many on-line brokers in Europe.
Jiway, an online stock exchange for individual investors
developed by OM Gruppen AB and Morgan Stanley Dean
Witter & Co., will begin operating next month.
The merger of Tradepoint, fledgling rival to the London Stock Exchange, and the Swiss Stock Exchange (SWX) was confirmed recently, and they pledged to have the combined virt-x trading system up and running by March 2001. Tradepoint's shareholders include Instinet, the financial markets arm of Reuters, the investment banks ABN Amro, Credit Suisse First Boston, Deutsche Bank, Dresdner Kleinwort Benson, JP Morgan, Merrill Lynch, Morgan Stanley Dean Witter and UBS Warburg, the fund manager American Century, and Archipelago, an electronic trading system.
'Deutsche Boerse's market will be better than rivals' it claims, because the exchange is independent, rather than being partly or completely owned by brokers and it will provide more volume in the stocks it trades.
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