The various systems for transactions in active shares, other shares, investment funds and bonds was introduced in the course of 1994.
Here, too, the wholesale threshold will determine whether an order must be executed in the retail market (below wholesale limit) or may be carried out in the wholesale market (at or in excess of wholesale limit).
The obligatory order-routing via the retail segment will not apply, however, to transactions between ASE members and foreign non-member intermediaries (bankers and brokers). This is in Dutch referred to as "HBH" (Foreign Firm Transactions).
The core of the retail segment is formed by the 'new-style' hoekman and the semi-automated Order Book.
The Amsterdam Exchanges NV will offer the wholesale market two new systems:
(i) the Automatic Interprofessional Dealing System Amsterdam (AIDA), actually an automated Inter Dealer Broker;
(ii) the Amsterdam Exchanges NV Trading System (ASSET), an advertising screen for members, with non-members and especially international investors as their target group.
The essential features of both markets (retail and wholesale) and the way the three trading systems (Order Book, AIDA and ASSET) will operate are described below.
The interface coupling the two markets enables transactions in the market for shares and non-governmentbonds too and ensures that prices obtained in the retail market for the most actively traded stocks are within the price limits of the wholesale market.
For further information on the Amsterdam Exchanges NV please contact Joost Maas on +31 20.5234567.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
