Zurich Financial Services has completed the de-listing of its shares from the London Stock Exchange, effective from October 2, 2006.
Zurich shares will continue to be listed on the SWX Swiss Exchange and traded on virt-x (ticker symbol: ZURN). Zurich’s intention to cancel its secondary listing on the London Stock Exchange (LSE) was announced on July 20, 2006 and the delisting has taken place within the timetable set out in the summer.
In July, the insurance and financial services provider said that it had taken the decision to de-list because it was experiencing low trading volumes of Zurich shares on the LSE, creating poor liquidity, which in turn has made it difficult for investors to obtain up-to-date market prices.
The significant majority of trading in Zurich shares is conducted on the SWX Swiss Exchange using the virt-x trading platform, thereby ensuring up-to-date market prices and greater liquidity, the firm said. Therefore, Zurich concluded that the costs associated with maintaining the secondary listing on the LSE were no longer justifiable.