Jul 16th 2008, 09:11 System Announcement
by Bogart Beck
SL CapEx and VSTEX Announce Cooperative Agreement - 07/16/2008
SL CapEx and VSTEX Announce Cooperative Agreement and Protocol to Share Investigative Data Across Markets
SL Financial Community, July 16, 2008 - - For General Release and Publication - - The SL Capital Exchange (SLCAPEX, http://www.slcapex.com ) and the Virtual Stock Exchange (VSTEX, http://www.vstex.net ) have today announced an agreement to jointly develop and implement a cross-exchange investigative protocol to help prevent fraud, stock market manipulation and other abuses within the SL Financial Community. Such protocol will include inter-agency communication and escalation procedures as well as cooperative development of various real-time market surveillance measures and analytical toolsets to be used by both Exchanges
Since its inception, the Second Life(tm) Ecosystem, and in particular the SL Financial Community, has endured widespread and rampant market abuses that have persisted to date relatively unabated. Such abuses have shaken the confidence of the community at large and have placed the viability and survivability of the SL Financial Community in question. Both companies, having invested heaviliy in their trading platforms and market simulations, recognize that investor confidence must be restored if we are to achieve any sustainable market presence within the Second Life Economy as it matures.
With the current absence of an International Regulatory framework specifically adapted to accomodate the peculiarities of the emerging world-wide metaverse, the management teams of SL CapEx and VSTEX have been conferring regularly for several months about how to best achieve reasonable self-regulation and cooperation without compromising the confidentiality and privacy expectations of our clientele which we agree are generally a group of individuals common across all exchanges and immediately recognizable by their virtual-world Avatar Names and various ALTS and aliases.
This first small step toward fundamental reform of our industry's practices is a basic prerequisite for restoring genuine trust in our market simulations and mutual accountability within our community's constituency. More detail about this unique partnership and development effort will be shared as it becomes available. In the interim, both companies have agreed to continue to cooperate unconditionally with Linden Lab and any duty bound law enforcement agency that may seek information regarding potential fraud or any other criminal act attempted via exploitation of our platforms and systems.
We've come a long way, yet still have miles to go. Please feel free to contact any of the undersigned directly should you have questions or comments regarding this announcement.
CEO, SL CapEx
PR Director, Vstex.net
Chairman, SL CapEx