Chi-X Canada ATS, an alternative trading venue for Canadian equities, will launch a month-long inverted maker-taker pricing structure in an effort to attract new business to the platform.
The X-Factor pricing plan, the first time a Canadian market centre has employed inverse pricing, will reward Chi-X Canada liquidity providers at $0.0033 per share and charge takers of liquidity at $0.0028 (increased to $0.0029 for participants who execute less than 20 million shares per month).
The new rates will run for the whole of March, or until Chi-X Canada volume reaches 250 million shares.
“As evidenced by last Monday’s five percent market share in Canada’s blue chip index (S&P/TSX 60), Chi-X Canada’s volumes continue to grow,” a Chi-X Canada spokesperson told theTRADEnews.com. “We considered launching a marketing campaign this spring, but for the same money decided instead to pass along the benefits of competition directly to our participants and encourage those who have not yet connected to do so through our X-Factor programme.”
Chi-X Canada is a subsidiary of Instinet Group, the agency broker owned by Nomura Holdings.