Chi-X Offers Transaction Reporting Via ICMA's TRAX2 Reporting Service
Instinet Chi-X(R) Limited, a pan-European equity alternative
trading system (ATS), today announced the introduction of transaction
reporting for its participants via the International Capital Market
Association's TRAX2 reporting system. The system, in accordance with
the Financial Services Authority's regulation requiring transaction
reports to be filed by the end of the business day following trade
date, will ensure that all UK-based Chi-X participants have a single
point of reporting.
TRAX2 is one of a limited number of FSA-permitted reporting
systems and was one of the first to apply for the new Approved
Reporting Mechanism (ARM) status under MiFID. Existing TRAX2 user
firms will be able to aggregate Chi-X trading volumes with existing
trading volumes to achieve the volume discounts available on TRAX2.
Commenting on the collaboration with ICMA, Hirander Misra,
Director of Instinet Chi-X Limited, said, "MiFID is opening up
Europe's equity trading landscape by enabling the introduction of
alternative liquidity destinations such as Chi-X. We are delighted to
have partnered with ICMA, which we feel provides Chi-X clients with a
low-cost, efficient mechanism for UK transaction reporting. We will
continue to identify ways to help our clients trade more efficiently
while fulfilling regulatory requirements."
Kevin Milne, Managing Director of ICMA Ltd., added, "We are
pleased that Chi-X is live on the system and that we are able to
provide our clients with an additional reporting service through
TRAX2."
About Chi-X(R)
Instinet Chi-X Limited, an independent subsidiary of Instinet
Europe Limited, is an FSA-authorised securities firm operating as an
Alternative Trading System (ATS) and MTF (Multi-Lateral Trading
Facility under MIFID) for the trading of a wide range of European
equities.
Through Chi-X's low-cost, streamlined model, institutional
investors are able to trade European equities and achieve ultra-low
execution, clearing and settlement costs. Both internal and external
benchmark tests showed the Chi-X operating model to be more than 10
times faster and significantly less expensive than Europe's
traditional equity exchanges. Chi-X disseminates market data to
clients directly and via third-party market data vendors at no cost,
and trade reporting will be available GBP 210 per month.
For more information, please visit www.chi-x.com.
About Instinet
Instinet, through its subsidiaries, acts as a global agency
broker, providing the trading expertise and advanced technology
necessary to successfully interact with more than 50 securities
markets worldwide. Acting solely as an agent for its customers,
Instinet seeks to improve institutional investment performance and
lower overall trading costs through its various front-end trading
systems, securities crossing networks, algorithms, commission
management programs and investment research products. The company,
which is a wholly-owned subsidiary of Nomura Holdings, Inc., is
headquartered in New York and maintains offices in North America,
Europe and the Asia Pacific region. For more information, please visit
www.instinet.com. Instinet conducts its U.S. institutional brokerage
business primarily through Instinet, LLC, member NASD/SIPC.
(C)2007 Instinet, LLC. All rights reserved. INSTINET is a
registered service mark in the United States and in other countries
throughout the world. Approved for distribution in Europe by Instinet
Chi-x Limited, which is authorised and regulated by the Financial
Services Authority. Instinet, LLC, member NASD/SIPC. Instinet Europe
Limited is a subsidiary of Instinet Incorporated.