(November 3 – 16:30 ET) – The United Kingdom’s Financial Services Authority has granted Jiway, the proposed global exchange, the status of a recognized investment exchange.

Jiway is the result of a collaboration between OM Gruppen and Morgan Stanley Dean Witter to offer a cross-border retail trading platform. RIE status is, “the highest and most onerous regulatory status for any securities market place in the UK. This recognition clearly and positively distinguishes Jiway from other broker-led initiatives,” says a Jiway spokesman.

“This announcement is very significant: Jiway is formally established as an exchange today. We remain confident pioneers in establishing the cross-border retail market. Central to Jiway’s value proposition is the fact that it is not a broker-dealer. It is a neutral exchange that can provide an open, transparent and regulated marketplace for private investors to realise their goals in investing in stocks from across Europe and the U.S., ” says Per Swensson, chief executive of Jiway Holdings.

Jiway will roll out on November 17, offering investors in the UK, Sweden and Germany trading in 180 blue-chip stocks from the UK, the CAC40, and Sweden. The list of stocks will expand as Jiway adds more countries in the ensuing weeks, its first expansion will see it add stocks from: Germany’s Xetra, France’s SBF120, the Nasdaq 100 and S&P500. It currently has 30 letteres of intent to participate from European brokers, and will also expand to brokers in other European countries during 2001.
-IE Staff