PracticeConsultingLaunch of Europe-wide Stock Exchange set for September

Launch of Europe-wide Stock Exchange set for September

The first ever Europe-wide stock exchange is to be launched in September by a new 100 million euro company backed by US securities house Morgan Stanley Dean Witter and Sweden's OM Group.

Jiway will be a screen-based market that is order and quote driven, with a market-making system to provide liquidity from day one. Jiway is derived from a Chinese word meaning wisdom.

Headquarterd in London, it will offer one-stop trading, clearing and settlement and a single access point to more than 6000 European and American equities.

The system will offer front and back-office services and assume the counterparty risk in all transactions. It will also have extended hours, anonymous trading, be capable of handling different currencies and provide custody and corporate action services.

For the first few months it will be available only in Britain, Germany and Sweden but it plans to extend its reach to France, Italy, Switzerland and Holland next year.

Stock Exchange chief calls for abolition of stamp duty

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