01/11/2004 SETSmm 1st anniversary
In its first year since launch, trading in SETSmm securities has amounted to £135 billion, which equates to an average daily value of £539 million. A comparison of the last three months of trading on SETSmm against the three months prior to market launch has highlighted an increase in value traded of 15 per cent. The same analysis of trading for SETS and SEAQ gives changes of 6 per cent and -3 per cent respectively.
Commenting on the anniversary of SETSmm, Martin Graham, the Exchange’s Director of Market Services, said:
“Every way you look at it, SETSmm has been a huge success. By bringing together the benefits of an electronic order book with the valuable support of committed market makers, price formation for mid cap securities has been improved and the value traded in these securities has increased. It is logical now to consider extending SETSmm to more securities on our markets. In the coming weeks, we will be consulting with market participants on the timing and extent of a further roll out of the service.
Market Makers in attendance were the following:
Andy Baker, Robert W. Baird Ltd; Yaron Bull, Evolution; Jonanthan Bunn; Robert W. Baird Ltd; Ben Carrol, Altium; Robert Chambers, UBS; Gareth Edwards, Deutsche Bank; Simon Garner, Dresdner Kleinwort Wasserstein; Jamie Lebetkin, Merrill Lynch; Richard Morecombe, Numis; Mike Price, UBS; Phil Quinn, Bridgewell Securities; Paul Reeves, Deutsche Bank; Clive Shepherd, Merrill Lynch; Danny Smith, Numis; John Wright, Robert W. Baird Ltd; Ian Wright, Dresdner Kleinwort Wasserstein; Simon Garner, Dresdner Kleinwort Wasserstein
The event was hosted By Martin Graham, Market Services Director; accompanied by Guy Whittle, Head of Client Management and Sales; David Shrimpton, Head of Product Management; Phil Morgan-Reese, Head of Broker Sales; Stuart Paul-Clark, Product Manager for Domestic Trading Services; and members of the account management team including Edward Fisher, Primary Account Manager.