Difference between revisions of "Bats Europe"

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Chi-X Europe Ltd is an order-driven pan-European [[securities exchange]], allowing participants to trade securities listed in major European markets. Chi-X Europe was created as a response to the EU’s [[Markets in Financial Instruments Directive]] (MiFID), which aimed to increase competition and drive down the cost of trading in Europe.
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Chi-X Europe Ltd is an order-driven pan-European [[securities exchange]], allowing participants to trade securities listed in major European markets. Chi-X Europe was created as a response to the EU’s [[Markets in Financial Instruments Directive]] (MiFID), which aimed to increase competition and drive down the cost of trading in Europe. It is not owned by [[Chi-X Global]], which was created the year after.
  
 
Chi-X was the first [[Multilateral Trading Facility|Multilateral Trading Facility (MTF)]] to challenge traditional [[bourse]]s including [[Deutsche Boerse AG]], [[London Stock Exchange Group Plc]] and [[NYSE Euronext]] by offering lower [[fee]]s and faster [[trading]].<ref>{{cite web|url=http://www.businessweek.com/news/2010-02-23/chi-x-europe-coo-misra-resigns-to-pursue-other-interests-.html|name=Chi-X Europe’s Misra Quits for ‘Other Interests’|org=BusinessWeek|date=February 23, 2010}}</ref>
 
Chi-X was the first [[Multilateral Trading Facility|Multilateral Trading Facility (MTF)]] to challenge traditional [[bourse]]s including [[Deutsche Boerse AG]], [[London Stock Exchange Group Plc]] and [[NYSE Euronext]] by offering lower [[fee]]s and faster [[trading]].<ref>{{cite web|url=http://www.businessweek.com/news/2010-02-23/chi-x-europe-coo-misra-resigns-to-pursue-other-interests-.html|name=Chi-X Europe’s Misra Quits for ‘Other Interests’|org=BusinessWeek|date=February 23, 2010}}</ref>
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*[[John Woodman]], chairman
 
*[[John Woodman]], chairman
 
*[[Alasdair Haynes]], chief executive officer
 
*[[Alasdair Haynes]], chief executive officer
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==Latest news==
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Chi-X Europe reported record second-quarter [[volume]]s in 2010 as the number of trades on its markets almost doubled to 72.1 million while their value more than doubled to US$611 million.<ref>{{cite web|url=http://www.businessweek.com/news/2010-07-12/chi-x-europe-says-volumes-almost-doubled-in-second-quarter.html|name=Chi-X Europe Says Volumes Almost Doubled in Second Quarter|org=Bloomberg|date=July 19, 2010}}</ref> The [[multilateral trading facility]] has continued to take market share from more traditional exchange rivals with lower fees and faster trading times, [[Bloomberg]] reported, and aims to become Europe's leading exchange. Chi-X Europe plans to offer index products beyond mid-2010 and is also considering offering [[derivatives]] products for trading, Bloomberg added.
  
 
== Resources ==
 
== Resources ==

Revision as of 18:09, 19 July 2010

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Chi-X Europe Ltd
Europe-small.jpg
Founded 2007
Headquarters London
Key People John Woodman, Chairman; Alasdair Haynes, Chief Executive Officer
Products Multilateral Trading Facility
Website www.chi-x.com

Chi-X Europe Ltd is an order-driven pan-European securities exchange, allowing participants to trade securities listed in major European markets. Chi-X Europe was created as a response to the EU’s Markets in Financial Instruments Directive (MiFID), which aimed to increase competition and drive down the cost of trading in Europe. It is not owned by Chi-X Global, which was created the year after.

Chi-X was the first Multilateral Trading Facility (MTF) to challenge traditional bourses including Deutsche Boerse AG, London Stock Exchange Group Plc and NYSE Euronext by offering lower fees and faster trading.[1]

History

Live trading in European equities began on March 30, 2007.

By January 2010, around 1,200 equities and ETFs/ETCs were available for trading on Chi-X Europe. These stocks were listed in the following markets: United Kingdom; Germany; France; The Netherlands; Belgium; Switzerland; Sweden; Finland; Norway; Denmark; Austria; Italy; Portugal; Spain; Ireland. The majority of stocks in the leading indices in these markets are available for trading on Chi-X Europe. Additionally, stocks from a number of mid cap indices are also available for trading.

Connectivity and Services

Connectivity to Chi-X Europe is available through a number of routes, such as network service provider, leased lines or co-location. Chi-X Europe uses the FIX protocol to enable order entry, amendments, cancellations and receipt of executions by trading participants. Market data is available either as a direct feed or via third-party vendors in a standardised format.

Main services include:

  • Displayed order book
  • Chi-Delta - non-displayed order book
  • Chi-Vision - smart liquidity consolidation service
  • Sponsored Access

Clearing and Settlement

Clearing of trades on Chi-X Europe takes place through the European Multilateral Clearing Facility (EMCF), which offers a wholesale cash market central counterparty (CCP) solution. EMCF has been the CCP for Chi-X Europe since launch.

Regulation

The firm is regulated by the Financial Services Authority (FSA), the UK’s financial services regulator. Chi-X has received recognition as an MTF in the UK from the Financial Services Authority (FSA).[2]

Ownership

Chi-X Europe is owned by a consortium of global financial institutions, all of whom have a minority shareholding in Chi-X Europe, including BNP Paribas, Citadel, Citigroup, Credit Suisse, Fortis, GETCO Europe Ltd, Goldman Sachs, Instinet, Merrill Lynch, Morgan Stanley, Optiver, Société Générale, and UBS.[3]

The firm is operated independently from Chi-X Global, a trading platform operator and technology provider which is wholly owned by Nomura. Chi-X Europe does not take any services from Chi-X Global.

Key People

Latest news

Chi-X Europe reported record second-quarter volumes in 2010 as the number of trades on its markets almost doubled to 72.1 million while their value more than doubled to US$611 million.[4] The multilateral trading facility has continued to take market share from more traditional exchange rivals with lower fees and faster trading times, Bloomberg reported, and aims to become Europe's leading exchange. Chi-X Europe plans to offer index products beyond mid-2010 and is also considering offering derivatives products for trading, Bloomberg added.

Resources

Related articles:

References

  1. Chi-X Europe’s Misra Quits for ‘Other Interests’. BusinessWeek.
  2. "Portware Integrates with Chi-X Europe". Chi-X.
  3. Chi-X Shareholders. Chi-X.
  4. Chi-X Europe Says Volumes Almost Doubled in Second Quarter. Bloomberg.