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Eurex Celebrates First Anniversary
Frankfurt/Main, 30 Sep 1999
Through the merger of DTB and SOFFEX,
the newly created European derivatives
exchange, Eurex, has achieved synergies
that go far beyond the extremely strong
increase in turnover. This is how Eurex CEO
Jörg Franke summed up the exchange's
performance in Frankfurt on Wednesday
evening at a press conference marking the
first anniversary of Eurex. Eurex initiated
trading as the joint derivatives market of
DBAG and SWX on September 28, 1998.
Franke pointed out that proceeds as a result
of the exchange merger would be about 80
million euros (present value) higher than if
the exchanges had been operated
separately. The reason for this, Franke said,
is that a joint market is much more attractive
for potential participants. Costs have also
decreased as a result of the merger,
especially in information technology
operations, by a total of 70 million euros.
The Eurex CEO also emphasized that the
merger had obviously enhanced the
exchanges' strategic positioning.
Franke is expecting further consolidation to
take place in the international exchange
landscape. For one thing, he said, Eurex
has met with good results, for another the
market participants want a European--if not
worldwide--standard for exchange trading
systems. Eurex is on the right track with its
alliance strategy to meet the market
requirements, he added. The Eurex goal is
to give market participants low-cost and
simple access to as many liquid markets as
possible.
Eurex has been active since September 28,
1998; since that time, it has been possible
for German and Swiss products to be traded
and settled on a single electronic trading and
clearing platform. Within just one year, the
existing exchanges have also been merged
completely in real market practice. In the
meantime, Eurex not only has the world's
highest trading volume but also the most
widespread membership geographically,
which in turn also means the highest level of
acceptance worldwide: About 400
participants from 16 countries are currently
trading on Eurex directly, another 50 U.S.
participants are about to hook up to the
Eurex system.
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