From today, members of ecn (electronic crossing network) Tradepoint will be able to trade on the fledgling exchange in all of the individual stocks making up key pan-European equity indices such as Eurotop 300.
Tradepoint will offer full dealing services in all the main index stocks in France, German and Italy as well as the FTSE Eurotop 300, Stoxx and MCI indices which cover smaller European markets as well. The share-trading service will operate will operate with a counterparty facility provided by the London Clearing House, a seamless back office with clearing through Euroclear and a single rulebook for all stocks regardless of listing location.
At the launch of its European services today, Tradepoint is also expected to announce that it has successfully concluded negotiations with the Swiss Stock Exchange, SWX, to launch a joint trading platform, which will be known as Virt-X. The platform, which will probably go live early next year, will also offer trading in a range of European equities, although it will use different trading and clearing technology to the service being launched today.
Tradepoint received a boost last week when the US Securities & Exchange Commission (SEC) issued a 'no action' letter effectively giving Tradepoint permission to offer European stocks to its US investor members.
Tradepoint is therefore establishing itself as a useful international trading arena; but the reality so far is that it has taken less than 2% of London Stock Exchange volume, and has only four US trading members. The exchange is well-connected, with some of the largest US securities firms among its owners; now that it has broadened out its product range, perhaps they will choose to make more use of it themselves.
In an attempt to get European stock-trading off to a good start, Tradepoint is slashing transaction charges from five to three basis points for the first six months of trading on minimum 100-share order size, with no minimum charge.
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