Chi-X(R) Europe Limited, a pan-European equity alternative trading
system (ATS), today announced that it is successfully trading,
clearing and settling all of the component stocks of the FTSE 100.
Chi-X already offers trading for all the Dutch AEX 25 and German DAX
30 component stocks, and will introduce trading for the other major
European markets before MiFID goes into effect on 1 November 2007.
Chi-X's trading offering is complimented by the central clearing
and settlement services of Fortis' European Multilateral Clearing
Facility (EMCF) entity. UK Stocks will be settled in CREST and will be
fully fungible for clients whether traded on Chi-X or the primary
market.
"Having successfully introduced the AEX 25 and DAX 30 index
constituents earlier this year, we are pleased to extend coverage to
these UK stocks. Our early results point to an encouraging start in
the task of attracting, servicing and maintaining significant new
sources of European liquidity," commented Peter Randall, Director of
Chi-X Europe Limited."
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Chi-X Trading Statistics - July 2007
Overview
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Number of trades 241,048
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Share volume 104,516,930
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Turnover EUR 4,510,768,566
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Market Share Highlights
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Percentage of Primary
Stock Date Exchange Volume
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Royal Dutch Shell A ORD 11/7/2007 11.90%
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Royal Dutch Shell A ORD 10/7/2007 10.52%
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Munich Re N ORD 13/07/2007 9.75%
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Bayer ORD 23/07/2007 9.64%
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Siemens N ORD 24/07/2007 8.64%
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Price Improvement
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Percentage of Trades Average Price
Executed Inside the Improvement (basis
Month Primary Market Spread points)
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July 2007 57% 2.17
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June 2007 69% 2.67
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May 2007 54% 1.5
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About Chi-X(R)
Chi-X Europe Limited, an indirect subsidiary of Instinet
Incorporated, is an FSA-authorised securities firm operating as an
Alternative Trading System (ATS) and, once MIFID goes into effect,
Multi-Lateral Trading Facility (MTF) for the trading of a wide range
of European equities.
Through Chi-X's low-cost, streamlined model, institutional
investors are able to achieve ultra-low execution, clearing and
settlement costs. Both internal and external benchmark tests showed
the Chi-X operating model to be up to 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 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.
About Instinet
Instinet, through its subsidiaries, is 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, smart-routing technology, algorithms, commission management
programs and investment research products. Instinet also operates a
wide array of ATS platforms around the world, including CBX(SM) in the
United States, Chi-X(R) in Europe, JapanCrossing(SM) in Asia. The
firm, which is a wholly-owned subsidiary of Nomura Holdings, Inc., has
offices in North America, Europe and the Asia-Pacific region. For more
information, please visit www.instinet.com.
(C)2007 Instinet, LLC. All rights reserved. INSTINET and CHI-X are
registered service marks 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. Instinet, LLC, member NASD/SIPC.