Difference between revisions of "Bats Europe"
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| company_name = Chi-X Europe Ltd
| company_name = Chi-X Europe Ltd
Revision as of 18:10, 19 July 2010
|Chi-X Europe Ltd|
|Key People||John Woodman, Chairman; Alasdair Haynes, Chief Executive Officer|
|Products||Multilateral Trading Facility|
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.
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.
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).
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.
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.
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. 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.
- Chi-X Europe Says Volumes Almost Doubled in Second Quarter (Bloomberg, 12 July 2010)
- My corporate jet is easyjet: meet the platform boss taking on the LSE (City AM, 18 May 2010)
- Het is nog steeds David tegen Goliath (De Tijd, 26 May 2010)
- MTFs’ index campaign gains widespread support (The Trade, 1 April 2010)
- The winds of change at Chi-X Europe (Finextra, 30 March 2010)
- Uppstickaren pressar Stockholmsbörsen (Svenska Dagbladet, 18 March 2010)
- Competitors’ rates must fall further – Chi-X’s Haynes (The Trade, 15 February 2010)
- Chi-X Europe CEO plans to keep low-fee strategy] (Reuters, 15 February 2010)
- Chi-X overtakes NYSE Euronext as second busiest European equities market (Financial News, 20 Jan 2010)
- Chi-X Europe’s Misra Quits for ‘Other Interests’. BusinessWeek.
- "Portware Integrates with Chi-X Europe". Chi-X.
- Chi-X Shareholders. Chi-X.
- Chi-X Europe Says Volumes Almost Doubled in Second Quarter. Bloomberg.