Virt-X, the pan-European blue chip exchange, has missed its target for trading 10% of the Dow Jones Stoxx 600 in its first year of operation.

The exchange, which was formed last year by the merger of the Swiss Exchanges, SWX, and Tradepoint, the London-based exchange backed by a consortium of banks, had hoped to achieve an average daily target of 10% of DJ Stoxx 600 trading by the end of its first year of operation. During the second quarter of 2002, it achieved an average daily market share of 9.2%. However, its market share did exceed 10% on 13 trading days during the second quarter.