E-Crossnet, an independent electronic crossing network, says more than £1bn of European equities had passed through its system in the first eight weeks of operation.
Crossing is the means by which investors carry out transactions directly with each other. Nigel Foster, chief executive, says he expects the number of active participants to rise markedly in June. “It is too early to tell how quickly volumes might grow... so far we feel we have only scratched the surface.”
The network says crossing has taken place in all of the 14 European markets in which E-Crossnet operates. When it was launched in March, crossing services were only available to investors in the UK market.