Instinet Europe Limited, an indirect subsidiary of Nomura
Holdings, Inc., today announced that it had reached an agreement with
a consortium of shareholders that will take a minority holding in
Chi-X Europe Limited, operator of the first live, order-driven,
pan-European equity MTF (Multilateral Trading Facility). Under the
terms of the agreement, Instinet Europe Limited retains the majority
stake in Chi-X Europe Limited.
The consortium is comprised of the following firms (listed in
alphabetical order):
-- BNP Paribas
-- Citadel
-- Citi
-- Credit Suisse
-- Fortis
-- Getco Europe, Ltd.
-- Goldman Sachs
-- Lehman Brothers
-- Merrill Lynch
-- Morgan Stanley
-- Optiver
-- Societe Generale
-- UBS
Commenting on the equity participation, Tony Mackay, President and
Managing Director of Instinet Europe Limited, said, "We are grateful
for the commitment of our new partners to the continued growth of
Chi-X Europe. That these firms are willing to take an equity stake in
Chi-X Europe is a testament to our common vision of a more efficient
European equity market resulting from cheaper, faster and smarter
trading."
Chi-X Europe currently offers trading in stocks in the leading
Dutch, German, UK, French and Swiss equity indices and will continue
to expand the universe of eligible stocks in 2008.
About Chi-X(R) Europe
Chi-X Europe Limited is an FSA-authorised securities firm
operating as an MTF (Multi-Lateral Trading Facility) 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 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 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 80 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 operates a wide
array of ATS platforms around the world, including CBX(SM) in the
United States, JapanCrossing(SM) in Asia and Chi-X(R) Europe. 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)2008 Instinet Europe Limited. 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
Instinet Europe Limited., which is authorised and regulated by the
Financial Services Authority, and distribution in the United States by
Instinet, LLC, member FINRA/SIPC.
