Virt-x, the London-based pan-European blue chip market, which is partly owned by the Swiss Stock Exchange (SWX) has announced that it is scaling back its expansion plans in a bid to cut costs.
Reporting on the strategic rethink on Friday, the Swissinfo news service revealed that the trading platform had been considering moving into trading some 600 European blue chips in addition to its Swiss offerings, but will now be focusing on just 70 high quality listed companies outside of the Swiss market. It has been estimated that this will lead to cost savings of around SFr7 billion ($4.7 billion) per year.
Virt-x founding chief executive, Antoinette Hunziker-Ebneter stepped down as head of the venture last month, and was replaced by former director of operations, Peter Keller, who has been with the pan-European platform since its inception last year.
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