Vladimír Urbánek (Kurzy.cz)
Czech markets  |  August 27, 2012 15:48:59

PSE goes on Xetra most likely 30th November - merger with SPAD KOBOS will be lower fees?


PSE plans at the end of the transition stávajcího already aged business system to the new system XETRA. The questions associated with it corresponds Jiri Kovarik, Director of External Communications PSE.

Transfer data from PSE already caters to Vienna, where is preparing a virtual transition to the new trading system?

The conversion to the new system was set to 30 November 2012. Given that the project still running without major complications, we expect that it will also be respected. Currently we are in the testing phase of our members business modules and is also carried out stress tests of the new system.

What will it mean for trading, which will be a major change (merger with KOBOS SPAD)?

The transition to the new trading system is just a big change especially for the members of the Exchange - that securities dealers. Now they must implement large amount of editing software and not only on the business side, but also on the settlement.The conversion to the new system is therefore consulted closely with all members of the stock exchange and is chosen so that all have enough space to quality training.

What changes in the trading itself is concerned, we tried for equity issues to maintain the system as much as possible similar to the existing and also combine it with the best of what it offers the new system. M arket will be makingthe emissions from today's SPAD preserved. It will not, however, have two separate business segments, as it is now, but to join them in one, Very similar to the present KOBOS. Thus změnu especially useful for small investors who will be able to trade in the system with higher liquidity. Similarly practically already operating POWER EXCHANGE CENTRAL EUROPE. Market for structured products offer a new trading system called continuous auction model in which the associated benefits and continuous auction scheme involving creator liquidity.

Will it also changes the timetable of the day?

The timetable of the shares will, at least in the first phase, maintained practically unchanged. Fundamental changes will undergo a timetable for bonds that are newly traded within a single auction, included in the day.

On that occasion, there will be some titles or conversely allows for some downsizing?

The stock market remains in this respect unchanged.

Changes in some way basic fee system?

With the advent of new trading system is primarily to significant reduction in trading fees for members who do not act in the role of market makers - from the 7bp 4BP. System and the amount of our fees are thereby closer exchanges within the group CEESEG. The rest of our fee policy remains unchanged.

Change anything for existing shareholders exchange?

Its majority shareholder is holding CEESEG, which represents a 92.74% share. Other share is dispersed among the nine subjects. Change on a new trading system does not affect shareholders.

What will be the estimated impact on the management of PSE?

In the first stage, we do not expect any immediate effect on the Company. However, the change of course is not self-serving actions. Thus it will improve market access for foreign entities, the system speeds up, bring our members greater user convenience and the ability to facilitate trading across the Group CEESEG, we assume that in the longer term will have on the market, hence the results of the whole group CEESEG, positive influence.

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