virt-x on schedule for June launch

virt-x, previously called Tradepoint Financial Networks, was formed through the merger of Tradepoint and SWX Swiss Exchange. virt-x will replace the Tradepoint platform, which will cease to be available for trading after 29 June.

The phased launch will see trading in Swiss and UK equities begin on 25 June, followed by STOXX 50 and EUROSTOXX 50 shares on 2 July, and the constituents of the remaining European blue chip indices on 9 July.

virt-x, which will support trading in 612 European equities, representing 80% of the European market capitalisation, is expected to simplify and significantly reduce the costs associated with trading, clearing and settlement of cross-border European equities' trade. The final phase of virt-x's implementation, scheduled for completion early next year, will include the first multi Central Securities Depository (CSD) central counterpart for all European blue chips, which will replace the multi CSD settlement solution currently in place.

virt-x, which is expected to achieve annual revenues of around 39m, is currently valued at 83m having recently received an uplift from news of the LSE's flotation.

In today's statement, Antoinette Hunziker-Ebneter, CEO of virt-x, said: “We believe that virt-x will deliver real cost savings to the industry and benefit from first mover advantage to develop critical mass in the rapidly expanding pan-European blue chip equity market.”

Heinrich Henckel, CEO of the SWX, added: “For SWX, virt-x is the most significant strategic project since the introduction of electronic trading in Switzerland. SWX will continue to dedicate all available resources to make virt-x a success.”

SWX Swiss Exchange and the Tradepoint Consortium - which consists of 11 international banks including CSFB, ABN AMRO, and Deutsche Morgan Grenfell - each own 38.9% of virt-x.