AMEX, Euronext Team to Cross Trade Global ETFs

February 7, 2001 ( - The American Stock Exchange and Euronext are joining forces to cross list and trade exchange-traded funds from the U.S., Europe and elsewhere.

Executives of the two exchanges said today that they had signed a memorandum of understanding to create a joint venture.

Still subject to regulatory approval, the joint venture will be a part of a global organization of ETF marketplaces aimed at offering facilities for trading, cross listing, information dissemination, and marketing of the products globally, the exchange executives said.

“Bringing Amex-listed ETFs to Europe, a critical market, is the essential next step in our strategy to develop a global ETF trading network,” said Salvatore F. Sodano, Amex chairman and chief executive officer.

ETFs were first listed by the Amex in 1993 and launched on Euronext under the name Trackers in January. ETF and Trackers are indexed funds that trade throughout the day in the same way as individual stocks.