Pan-European equities exchange Chi-X Europe Limited exceeded 1.58 trillion in 2010 in value traded in 2010, greater than the total value traded on Chi-X Europe across the previous 3 years, according to the exchanges year-end report. The figures show Chi-X is now the second-largest equity exchange in Europe, after the London Stock Exchange.
As predicted, 2010 was indeed the breakthrough year for Chi-X Europe, says Alasdair Haynes, CEO of Chi-X Europe. We continued to grow, increased our market share in key markets and we also achieved consistent and sustainable profitability the first and only new-generation stock exchange to do so. Im tremendously proud of Chi-X Europes achievements last year and look forward to further progress in 2011.
Value traded during Q4 2010 remained virtually unchanged from the previous quarter, but increased by 33% compared to the fourth quarter of 2009.
Market share also increased across the major indices versus the previous year, taking Chi-X Europes share above 25% in the FTSE 100 and over 20% in the AEX 25, BEL 20, CAC 40 and DAX 30. Overall savings for participants through price improvements during the year amounted to more than 170 million, representing an average basis point price improvement of 1.41bps, according to the exchange.
Key developments during the year included further expansion of the stock universe to cover Irish equities, Belgian mid-cap equities and International Depositary Receipts (IDRs). Chi-X Europe also recently announced the launch of the centrally cleared contract-for-difference (ccCFD) service in partnership with LCH.Clearnet, allowing CFDs, a product usually traded OTC, to be brought on-exchange, reducing counterparty risk and increasing netting efficiencies.
Non-displayed liquidity represented around 4.6% of all trading activity transacted on Chi-X Europe in the quarter under review and 3.7% for the year as a whole. Participants trading on Chi-Delta achieved average basis point savings of 4.47bps on each side of the trade.