The Deutsche Borse expects to release the fourth version of it Xetra trading system in April 2000. Release four will include after hours trading of equities and warrants until 8 p.m., with plans to extend hours until 10 p.m., and will be prepared for the joint European market model. The Xetra launch will also introduce a continuous auction market model to ensure rapid order execution for the 9,000 warrants listed in Frankfurt and tradable on Xetra. The project is awaiting approval by the exchanges administrative committees.
DLJdirect, the online brokerage service of Donaldson, Lufkin & Jenrette, is expanding its offerings through an alliance with SunGard Institutional Brokerage and SunGard Investment Products. Under the agreement, DLJdirect services will be available to participants in 401k plans offered by SunGard Employee Benefit Systems (EBS), provider of OmniPlan and OmniPlus 401k administration software. Participants can set up an online account through DLJdirect within the employer sponsored retirement plan to trade securities online, by phone or through the touch-tone phone trading service. DLJdirect and SunGard EBS will then be linked electronically for straight-through -processing and trading capability.
Wit Capital Group and enba, a European provider of Internet financial services, are joining forces to establish a Pan-European investment banking firm to be called Wit Capital Europe. The venture will offer individual investors in Europe access to IPOs, offerings of other securities and venture capital funds, as well as online brokerage services and free investment research. Initially, Wit Capital will own a 55% stake and enba will own a 45% stake of Wit Capital Europe, and both firms will license technology to the venture. Pending regulatory approval, Wit Capital Europe is scheduled to launch in early 2000.
EasyScreen and GL Trade Ltd. are exploring a strategic marketing alliance. The proposed alliance would call for both companies to market EasyScreen's front-end electronic derivatives trading software along with GL Trade's exchange connectivity in a combined package. The product package will be marketed beginning in early 2000, after the alliance is finalized. EasyScreen provides software for trading on electronic investment exchanges and GL Trade offers electronic market trading, order routing and market data solutions to market traders and individual investors in the equity, bond and derivatives markets.