Банкеръ Weekly



Attempts of stock exchange managers in Athens and Istanbul for turning them into regional stock trading centers will obviously remain unsuccessful. At the beginning of November a new stock exchange started operation, its major shareholders being the Frankfurt Stock Exchange and the Vienna Stock Exchange. It is named New European Exchange (NEWEX) and will operate in Vienna. Stocks of companies from Central and Eastern Europe will be traded there. The new stock exchange in Vienna has already signed an agreement with the Bulgarian Stock Exchange. It was announced that the shares of one Bulgarian company will be traded at NEWEX. Sofia brokers suppose these are either the papers of Lukoil Neftochim - Burgas, or those of Albena.

The new stock exchange has signed a similar agreement with the biggest Russian stock exchange MICEX, handling 60% of the local transactions. 149 companies with total market capitalization of EUR38.9BN are registered at this stock exchange. Its daily turnover amounts to approximately EUR70MN, and the biggest company registered there is United Energy Systems

Establishment of a common platform for stock trading formed a part of the South European Initiative for cooperation, popular as 'the Schifter Plan'.

The first trade session was held on Nov 3 (Friday). Generally, the companies, whose shares were traded at the first session, came from the Czech Republic, Hungary, Estonia, Ukraine, Poland and Russia. Trading started with 89 issues, mainly of Russian companies.

Among the buyers were investment banks and funds from Austria, Germany and Great Britain. The trade platform used is XETRA - the same as of the Frankfurt Stock Exchange. The clearing will be handled by Clearstream (a joint venture between the Deutche borse and Cedel - one of the biggest European clearing institutions), while the shares are quotated in Euro.

The founders of the new stock exchange would like it to be a high liquidi, transparent and good quality stock market for Central and East European companies.

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