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ARTICLE · 09 NOVEMBER 1995

ASE Improves Trading System and Commission Structure

Amsterdam Exchanges NV
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NetherlandsAntitrust/Competition Law
The improvements to the trading system in the national market segment announced earlier will become effective from Friday October 27. These improvements encompass two areas: the introduction of so-called WASH orders for non-Limit Order Book securities and the creation of a wholesale segment for the most-actively traded non-government bonds. In addition the commission structure for the national market segment has been improved. Following last September's reforms to the most actively traded shares segment, these adjustments will ensure optimal trade and price formation in the national market segment (non-Limit Order Book securities).

WASH orders
A separate regime will be introduced for so-called WASH orders in the national market segment. WASH orders are buy and sell orders at the same price placed by securities houses in the central market. In principle the hoekman (market specialist) has the right to participate in the WASH order up to the transaction size he has shown on the

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