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ARTICLE · 03 JANUARY 1997

Recent Developments Regarding Exchange Trading - New Swiss Exchange Operating

Niederer Kraft Frey AG
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SwitzerlandAntitrust/Competition Law
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On 26 June 1996 we reported in detail on the setting-up and operation of the new Swiss Exchange, designed to replace the split between the three main stock exchanges in Switzerland by introducing a single fully computerised trading system.

The project of the Swiss Exchange had to overcome a number of problems, most of them due to the newly developed complex computer software. After missing several scheduled dates, however, the Swiss exchange started trading in foreign shares on 8 December 1995, in domestic equities on 2 August 1996 and, finally, on 16 August 1996 the trading of bonds commenced.

Since 16 August 1996 the trading of both securities and derivatives in Switzerland is based - with one exception (see below) - on a single electronic trading system, operated by the Swiss Exchange.

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