On Monday, Chi-X Europe, a pan-European equity alternative trading system (ATS), announced that it has been granted trade data monitor (TDM) authorisation by the Financial Services Authority (FSA), enabling Chi-X Europe to offer its participants a trade reporting service for Chi-X Europe trades, as well as a range of OTC equity trades.
Effective immediately, Chi-X Europe states it will offer off-exchange trade reporting for a monthly fee of £210 per client connection. There will be no additional charges for market data, licence fees, data feed fees or message or volume traffic.
Under the TDM license, the firm says it will provide a real-time, FIX 4.4 trade data feed to participants and vendors, and will receive submitted trade reports via the same format. In order to provide complete post-trade transparency, Chi-X Europe will handle trades, trade corrections and trade cancellations, as well as the delayed publication of block trades.
“We are delighted that the FSA has granted authorisation for Chi-X Europe to operate as a trade data monitor, as this will allow us to help clients meet their post-trade transparency requirements under MiFID Article 28,” comments Hirander Misra, director, Chi-X Europe. “We believe that the combination of no-cost market data and flat-fee trade reporting with Chi-X’s faster, cheaper and smarter trading and clearing model makes it a viable alternative for European investors," adds Misra.