Chi?X Europe Extends Trading Services to Belgian Stocks
Chi–X® Europe Limited, operator of the first live, pan–European equity multilateral trading facility (MTF), today announced that it is successfully trading, clearing and settling five of the top component stocks of the Belgium BEL 20 index, and plans to introduce the remainder of the index´s components later in the month. The first stocks available for trading on Chi–X Europe are:
- Dehaize ORD
- Inbev ORD
- KBC Groep ORD
- Solvay ORD
- Umicore ORD
"Since launching some fifteen months ago, we have introduced trading services for many of Europe´s most heavily–traded equities and are pleased to extend coverage to these Belgian names," commented Peter Randall, CEO of Chi–X Europe Limited. "Chi–X Europe participants continue to enjoy price improvement and lower trading costs, and we remain committed to providing the European trading community with the benefits of our faster, cheaper and smarter model."
Trades in these stocks will be cleared through Fortis´ European Multilateral Clearing Facility (EMCF) and will be settled in the Euroclear Central Securities Depositories, and will be fully fungible with trades in these stocks transacted on the primary market.
With the addition of trading services for the BEL 20 component stocks to Chi–X Europe, overall trading, clearing and settlement is anticipated to be less expensive than via the current market infrastructure. According to an analysis by Instinet Europe Limited, Chi–X Europe´s majority shareholder, execution costs for trades transacted on the underlying exchange is 1.09 bps compared to Chi–X Europe´s trading costs of 0.05 bps*.
* Based on a passive/aggressive rebate ratio of 50:50.
About Chi–X® Europe
Chi–X Europe Limited, a majority–owned subsidiary of Instinet Europe Limited, is an FSA–authorised securities firm operating as an MTF (Multilateral Trading Facility) for the trading of a wide range of European equities. Chi–X Europe´s low–cost, streamlined model is designed to help participants achieve ultra–low execution, clearing and settlement costs. Benchmark tests have shown the Chi–X Europe operating model to be up to 10 times faster" and significantly less expensive than Europe´s traditional equity exchanges. Chi–X Europe disseminates real–time market data to clients directly and via third–party market data vendors at no cost, and off–exchange trade reporting is available for a low monthly fee. For more information, please visit www.chi–x.com.
" Based on Instinet Europe Limited´s exchange linkages performance measurement statistics for average DMA order messaging in June 2007. These Instinet internal figures are for round–trip latency message acknowledgement based on sending an average number of messages to the exchange system and obtaining a response back to Instinet´s system over the course of a normal trading day. They are provided for illustrative purposes only and are not intended to represent an independent performance measure of latency. Market volatility and volume may affect actual performance.
©2008 Chi–X Europe Limited. All rights reserved. CHI–X is a registered trademark in the UK and Europe. INSTINET is a registered trademark in the United States and in other countries throughout the world. Approved for distribution in Europe by Chi–X Europe Limited, which is authorised and regulated by the Financial Services Authority.