The Swiss Exchange (SWX) and Deutsche Boerse have announced that their joint venture in structured products has got off to a successful start since it launched in January 2007.
The new exchange for structured products operates in Switzerland under the name SWX Quotematch AG, and in Germany as Boerse Frankfurt Smart Trading AG. In Switzerland, turnover for the month was a record of just under CHF7 billion (EUR4.3 billion, US$5.7 billion), corresponding to 58% growth versus the same year-earlier month.
Over 2,000 new investment and leverage products were admitted to trading for the first time, representing growth of 117% versus January 2006. There are now more than 12,000 listed products in total.
A new turnover record was also achieved on the German market. January 2007 saw trading volumes of EUR 4.66 billion (January 2006: EUR 3.87 billion) on structured products (warrants and certificates) on the Frankfurt securities exchange. Investors now have some 147,000 products to choose from, an increase of around 88% (January 2006: 78,000 instruments).
The new company unites the strength of the SWX Group and Deutsche Boerse AG in a market segment with considerable growth potential, and aims to establish a new market standard. The joint venture is the parent of the new exchange to which the SWX outsources its business in warrants and structured products. The new company has also become a partial owner of the warrant-certificate and certificate trades at the Frankfurt Stock Exchange. In the medium term, trading on the two exchanges will migrate to a joint technology platform.
The new company is domiciled in Luxembourg and has subsidiaries in Germany and Switzerland. Its objective is to become the leading European exchange for the market segment of structured products.
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