DUTCH TO SET UP EXCHANGES WATCHDOG BODY
Stock, options and futures trading
bodies are to set up the first umbrella watchdog body to
improve self-regulation, officials said at a press conference.
    They said a Coordinating Commission for the Securities
Trade (CCE) will be set up June 1 to coordinate supervision and
improve efficiency in response to legislation and competition
from foreign markets, mainly London.
    "The Dutch exchanges have to speak with one voice," Amsterdam
Stock Exchange spokesman Boudewijn van Ittersum said, noting
self-regulation could prevent harsh government supervision.
    The government plans to beef up supervisory laws of
financial markets during the current cabinet period to 1990, to
fight malpractice like insider trading.
    Under the agreement struck between securities, options and
futures traders, the CCE will coordinate their independent
supervisory bodies in a first step towards a single watchdog.
    "The SEC is a government regulatory body, while we are
developing an institution coming from the market," Westerterp
said.
    Van Ittersum noted despite SEC supervision, U.S. Markets
had seen several bourse scandals and added "The self-regulatory
function of the business is vital."
    Under the markets' agreement, the official price list of
the Amsterdam Stock Exchange will also include comprehensive
price listings of the options exchange and the Amsterdam Gold
Futures market from April 3. The latter two will end their own
price list publications.
 REUTER
