Exchanges reveal alliance details

MEMBERS OF the London and Frankfurt stock exchanges will have direct access to the order books of both markets under phase one of the alliance between them which comes into effect on 4 January. Details of phase one were outlined at a seminar in the City yesterday.

Members of the London stock exchange wishing to trade on Xetra, Frankfurt's electronic system, will be treated as regular remote members. The London exchange is creating a new membership category - SETS participant - for Frankfurt firms wanting access to the London order book. Admission fees will be waived, as will fees for the respective clearing systems of the two exchanges.