Swiss Exchange Extends Trading To Accommodate New E-Platform

by Ulrika Lomas, Tax-news.com, Brussels

17 May 2001

The Swiss stock exchange (SWX) is due to launch the first pan-European blue chip platform next month and has decided to extend its daily trading activities by an hour to bring it into line with the London-based trading times of the Virt-x platform.

Virt-x will commence trading on 25 June. The SWX 's new trading hours will also take effect from that date for equity securities (primary and secondary listings), derivative instruments and exchange traded funds - fixed income products will not be affected by the changes in trading hours. The switch to Virt-x's UK trading hours will also mean that Swiss public holidays will effectively no longer apply and it will be business as usual on those days.

The new platform was established through the merger of the SWX’s blue-chip platform with the London-based electronic stock exchange, Tradepoint. Initially Virt-x will commence trading with Swiss and British shares and then incorporate stocks from the Dow Jones Stoxx pan-European index in July.

According to the SWX, the advantages of Virt-x will include: The facility to perform direct trading in the constituents of all major European indices on one exchange, with one rule book and within a single regulatory environment, supervised by the FSA; the provision of an electronic anonymous order book; the exclusive use of the SWX Trading Platform for pan-European equities; a fully integrated trading, clearing and settlement model with a central counterparty for cross border trading provided by the London Clearing House, and significant scope for cost savings and multi-currency capability.

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