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ARTICLE · 30 MARCH 1995

The New Trading Systems on the Amsterdam Exchanges NV - The Retail Market

NetherlandsAntitrust/Competition Law

Prior to 1994 there were a number of hoekmen assigned to each particular stock listed on the Amsterdam Exchanges NV. Under the new trading mechanism there will be just one per stock. This sole hoekman - actually representing an enterprise with a number of employees - will have various stock classes under his charge.

In a number of ways the retail market will still resemble the previous trading system. It, too, will be a central market characterized by highly transparent price-making and strict supervision and compliance by the Exchange officials.

Central Position Hoekman and Order Book
In the retail market the hoekman and the Order Book maintained by him will take up a central position. The Order Book (also known as 'the Book') is an electronic system in which retail orders are collected and sorted according to limits per stock.

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