Turnover on multilateral trading facility Chi-X Europe was 23% lower in Q3 2010 at €372.2 billion compared to Q2. The decline was slightly less than that suffered by the pan-European equities market overall in the same period, which saw a fall of 23.22% on a turnover of €2.17 trillion.
Domestic exchanges faired slightly less well, according to data from information vendor Thomson Reuters Equity Market Data Reporter. Turnover at the London Stock Exchange (LSE) tumbled by 24.98% to €466 billion, on NYSE Euronext it slipped 25.45% to €369 billion while Deutsche Börse’s turnover was 29.43% sown at €270 billion in Q3.
The figures from Thomson Reuters rank Chi-X Europe as the second largest equity exchange by value traded for Q3 2010. The venue says that trading participants saved in excess of €38 million in price improvements on Chi-X Europe in the quarter, representing an average basis point price improvement of 1.42bps. Non-displayed liquidity represented around 3.5% of all trading activity transacted on Chi-X Europe in the quarter under review. Participants trading on Chi-Delta, which saw value traded fall 16.28% quarter-on-quarter, achieved average basis point savings of 5.24bps on each side of the trade.
As of 3 September 2010, Chi-X Europe began trading international depositary receipts covering 50 stocks from some 12 countries including Russia, India and South Korea.
Commenting, Alasdair Haynes, CEO of Chi-X Europe, said, “As expected, the summer months were challenging for the markets overall, however, our business showed great resilience. During the quarter, we introduced IDRs and, crucially, continued to offer our trading participants choice and cost savings. The fourth quarter is set to be an exciting period for Chi-X Europe with a number of new initiatives due to be unveiled.”