Chi-X(R) Europe Limited, a pan-European equity alternative trading
system (ATS), today announced that it has been granted Trade Data
Monitor (TDM) authorization by the Financial Services Authority (FSA),
enabling Chi-X Europe to offer its participants a trade reporting
service for Chi-X Europe trades, as well as a broad range of OTC
equity trades.
Effective immediately, Chi-X Europe will offer off-exchange trade
reporting for a monthly fee of GBP 210 per client connection. There
will be no additional charges for market data, license fees, data feed
fees or message or volume traffic.
Under the TDM license, Chi-X Europe will provide a real-time, FIX
4.4 trade data feed to participants and vendors, and will receive
submitted trade reports via the same format. In order to provide
complete post-trade transparency, Chi-X Europe will handle trades,
trade corrections and trade cancellations, as well as the delayed
publication of block trades.
"We are delighted that the FSA has granted authorization for Chi-X
Europe to operate as a Trade Data Monitor, as this will allow us to
help clients meet their post-trade transparency requirements under
MiFID Article 28," commented Hirander Misra, Director of Chi-X Europe
Limited. "We believe that the combination of no cost market data and
flat fee trade reporting with Chi-X's faster, cheaper and smarter
trading and clearing model makes it an extremely viable alternative
for European investors."
About Chi-X(R) Europe
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.
Chi-X Europe's low-cost, streamlined model is designed to help
institutional investors achieve ultra-low execution, clearing and
settlement costs. Both internal and external benchmark tests showed
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 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 60 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),
Chi-X(R) Europe and JapanCrossing(SM). 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 FINRA/SIPC.
