Global Capital Markets

ZURICH (AFX) - The SWX Swiss exchange said it intends to remain independent but aims to strengthen its competitiveness by expanding its existing international partnership network. Participating in the current wave of consolidation is not in the interest of the Swiss bourse, SWX Chairman Peter Gomez said. Gomez also reiterated that SWX would reject any fresh merger proposal by Deutsche Boerse AG. However, Gomez voiced interest in cooperating with a group of international banks which recently announced plans to launch an independent trading platform. SWX's current cross-border trading platform -- jointly operated with London-based Virt-x -- could form an ideal basis for the initiative recently floated by Citigroup Inc, Credit Suisse Group, Deutsche Bank AG, Goldman Sachs Group Inc, Merrill Lynch & Co Inc, Morgan Stanley and UBS AG. To utilize SWX's existing platform would offer a much cheaper alternative, the SWX chairman remarked. However, he said SWX had not as yet been contacted by the banks. The sector's consolidation activity reached new heights last month, with US technology bourse Nasdaq making a fresh takeover attempt for the London Stock Exchange, and Chicago-based futures bourses CME and CBOT agreeing on a merger. In contrast, Deutsche Boerse's attempts to take over Euronext and the Milan Stock Exchange have fallen through