Press

DTB, the German options and futures exchange, is now running on the Eurex 1.0 release, which was introduced this Monday as the successor to DTB Release 4.2. The new software version is another step in the realization of Eurex. According to Eurex CEO Dr. Jörg Franke, the upcoming consolidation of DTB and SOFFEX, the Swiss derivatives exchange, scheduled for this fall, is now within reach. "Eurex is irreversible. Implementation is right on schedule," Franke said.

The DTB Exchange Council created further prerequisites for the establishment of Eurex last Thursday: Deutsche Börse will transfer its function as the operating company for DTB to Eurex, and DTB will be renamed Eurex at the same time. The Exchange Council also appointed Dr. Jörg Franke, Otto E. Nägeli, Andreas Preuss and Jürg Spillmann as general managers of the Eurex exchange. Franke will be chairman and Nägeli will be deputy chairman.

The main innovation of Eurex 1.0 is the multi-currency capability for trading and clearing, which is timed for the launch of SOFFEX products as well as preparations for the euro and the upcoming launch of foreign-currency products. Several SOFFEX participants are also already taking advantage of the opportunity to use Eurex 1.0, which gives them direct access to DTB products. Franke pointed out that the early implementation of the new software enables Swiss participants in particular to make the necessary technical adjustments in their infrastructure and in-house systems in good time. This is one of the main reasons for the step-by-step introduction, Franke added.

In the second step, further functionalities of the existing SOFFEX version will be integrated into the previous DTB software prior to the actual Eurex launch in the fall. Plans then call for Eurex Release 2.0 to be used by existing DTB participants as of September 14, 1998 and by existing SOFFEX participants as of September 28, 1998. At that time, trading in all products will be conducted over a uniform platform and the joint clearing house will take up operations.

With Eurex, Deutsche Börse and Schweizer Börse are striking out on a new course. For the first time, two exchanges are being consolidated into one market with a joint clearing house. The goal of the merger is to offer all market participants direct access to as many products as possible with maximum liquidity at the lowest possible costs.