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Chi-X Europe posts another record quarter

First Published 1st January 1970

Chi-X Europe sets second quarter record by value and volume of shares traded - Hails EMCF clearing fees reduction

Alasdair Haynes, CEO, Chi-X Europe: "We have been consistently profitable for the last six months, putting us in a particularly strong position going forward."

Chi-X Europe has published its trading statistics for the second quarter of 2010. According to the Federation of European Stock Exchanges (FESE), Chi-X Europe was ranked second largest equity exchange by value traded in May 2010. In the second quarter of 2010, trading participants saved in excess of €53 million in price improvements on Chi-X Europe, representing an average basis point price improvement of 1.49bps.

Non-displayed liquidity represented around 3% of all trading activity transacted on Chi-X Europe in the quarter under review. Participants trading on Chi-Delta achieved average basis point savings of 5.58bps[iv] on each side of the trade.

Commenting, Alasdair Haynes, CEO of Chi-X Europe, said, "I am very pleased by these quarterly results. Clearly, the first half of 2010 has been good for us as increasingly more market participants tapped into our liquidity and took advantage of our faster and cheaper offering. In addition, we have been consistently profitable for the last six months, putting us in a particularly strong position going forward. While we expect the summer to be quieter, as usual in the European markets, we have a number of exciting developments in the pipeline as we continue to innovate and improve to give our participants a better marketplace in which to operate."

The second quarter also ended with an announcement of further fee cuts by European Multilateral Clearing Facility (EMCF), which clears trades that take place on Chi-X Europe. With effect from 1 July 2010, EMCF cut its fees to €0.01 for all executions in excess of 100,000 per clearing participant, per day. The first 100,000 contracts cleared will be charged at €0.03.

Chi-X Europe's Haynes welcomed these changes, saying, "This fee cut is a step in the right direction, reducing the cost of cross-border settlement and helping to deepen liquidity by encouraging new players to the industry."