NeoNet Securities announced it has become a member of the Frankfurt Stock Exchange (FWB) and will be connecting U.S. investors via the exchange's Xetra electronic trading system sometime in December. NeoNet's NeoTrade system will be linked to Xetra, enabling investors to trade securities on the FWB, including all DAX 100 issues, the Neuer mark segment and equities listed in the European STOXX indices. Users can execute and change orders instantly and receive trading activity reports and past execution reports, along with discount trading and access to a manual Sales Trading Desk. The NeoTrade system is also connected to stock exchanges in Stockholm, Helsinki and Copenhagen.
Wilco International is developing two new market interface modules for the Swiss and Japanese markets. The SWX Adapter will offer connectivity through a two-way interface for institutional investors, brokers and investment banks from order management systems to Zurich's SWX Swiss Exchange for trading in fixed income, equities and mutual funds. The NTT FIRST Adapter will validate data on trade executions, trade confirmations and settlement from securities firms before forwarding it to NTT Data's Funds Information Relay System (FIRST) Center in Japan. Expected to be completed in the fourth quarter of 1999, the adapters will be modeled after Wilco's existing STP Adapter modules architecture, which provide links to international exchanges, clearing centers and market services and applications.
Trading at the Chicago Mercantile Exchange (CME) was 1.3% higher in September than August, with a total exchange volume over 18 million contracts. Equity and Index futures posted best single months ever, with electronically traded products helping volume on the GLOBEX2 electronic trading system to reach over 1.5 million contracts. Electronic trading volume has increased 63% over last year's period. The CME's E-mini Standard & Poor's 500 index futures contracts also traded at record levels, reaching over 75,000 trades during last Tuesday's session. The E-mini S&P 500 contract trading volume was 11 percent higher than the previous record volume on August 10.
DMR Consulting Group, an IT consulting services provider, has appointed Ron Charow chief financial officer. Charow, who will manage DMR's global finance operations, most recently served as CFO of the Canadian division of DMR and previously held positions at Westburne Inc. and Deloitte & Touche. Charow will be based out of DMR's corporate headquarters in Edison, New Jersey.