CXE, one of two dark pools operated by BATS Chi-X Europe, was the largest non-displayed multilateral trading facility (MTF) in September, rising above UBS MTF for the first time in three months.
According to data from Thomson Reuters Equity Market Share Reporter, CXE, the dark order book formerly known as Chi-Delta, was Europe’s largest dark MTF for the first time since the technical integration of BATS Europe and Chi-X Europe in May.
CXE traded 21.2% of the dark MTF market in September – compared to 20.2% in August – higher than the 20% garnered by UBS MTF, the dark pool launched by the Swiss bank at the end of 2010. BATS Chi-X Europe’s BXE dark pool was third with 12.24% market share, a 1.6 percentage point rise compared to August. Goldman Sachs’ Sigma X MTF dark pool dropped to fourth place with a 12.2% share of trading, having been in third spot since April.
Overall trading on dark MTFs reached €27.6 billion last month – €2.5 billion higher than August’s total – representing 3.6% of total European trading. In September 2011, dark MTF trading reached €24.8 billion, or 2.3% of total trading activity.