Chi-X Europe Limited, operator of the largest pan-European equity multilateral trading facility (MTF), announced a new pricing promotion for its non-displayed order book, Chi-Delta.
Effective from today through the end of the year, Chi-Delta executions resulting from passive orders (non-IOC or FOK) will be charged 0.15 basis points, a reduction from the standard 0.3 basis points. Executions resulting from aggressive orders (IOC or FOK) will continue to be charged 0.3 basis points.
Since its launch in May 2009, Chi-Delta has shown consistent monthly growth. According to Thomson Reuters European Market Share Report, in October 2009 Chi-Delta was Europes second largest publicly declared dark order book (26.2 percent marketshare) with over 2.67bn consideration traded, which represents a 68 percent increase over Septembers turnover. For the month of October, trading participants achieved an average price improvement of 6.50 basis points by trading on Chi-Delta, leading to price aggregate improvement savings of 2.71m for non-displayed trades.
We are delighted to offer our trading participants the opportunity to further reduce their implicit and explicit trading costs, says Hirander Misra, chief operating officer of Chi-X Europe. With this promotion, participants can continue to take advantage of our proven pan-European liquidity and price improvement opportunities, now at an even lower tariff.
D.C.