The United Kingdom office was set up in 1995 and, early in 1996, we combined the offices of both Computershare and Computershare Systems in order to minimise costs and create a single identity for both companies in the United Kingdom and in Europe.
We have now consolidated our position as a participant in CREST - the UK settlement system - and we are beginning to attract business through our reputation as a provider of quality technology solutions for the UK and European markets.
In the last twelve months we have established a firm client base which will assist us in continuing our expansion in the region.
The number of staff employed in our London office has risen to 34 full-time staff members who are required to support the development of the many contracts which we have been awarded over the past six months.
This short-term growth, added to our strategy for further expansion in this region, has led us to move to new offices in Finsbury Square, London. Our new premises, which are strategically placed in the centre of the City of London, provide us with the necessary space for our planned expansion, as well as enabling us to create better facilities for our staff and clients.
Our share registry bureau service has enjoyed modest growth with the addition of three further registrars to our bureau service, all of whom are now linked into the CREST settlement system.
Our London office was able to provide a full range of services during the recent de-mutualisation of Colonial Limited. Through our dedicated link directly to the share register in Australia, we were able to provide full enquiry facilities for Colonial's office in Chatham, Kent. Significantly, we introduced Interactive Voice Response technology (IVR) for the first time in a registry in the UK and set up a share sale service with a UK stockbroker.
The establishment of our joint office in London over a year ago, was aimed at improving support services and developing enhancements for the Moscow Interbank Currency Exchange (MICEX). In September 1996, MICEX began trading futures contracts using the new ASTS derivatives system. In March 1997, MICEX began trading equity contracts and quickly assumed the leading role for trading equities in Russia's two leading stocks.
This year a second group of staff were transferred to London to implement an Order Routing system (ORMS) for one of Europe's largest banks. More recently, the London office has been building itself to become a second development centre for the group, with a focus on our financial exchange product range. In this context staff hired in London came to Australia for initial training before returning to London to participate in our European projects.
The London office has played an integral role in the recent success of the European tenders and expects to be tendering for new trading systems in the Irish and Montreal exchanges and Central European and former CIS exchange markets which are rapidly expanding to meet investment demand in those countries.