Chi-X Europe, a pan-European multilateral trading facility (MTF), has announced the highlights of its first full year of trading. The MTF started operating on 30 March 2007 trading the components stocks of the Dutch AEX 25 and the German DAX 30 Indices. It now also trades the stocks of the UK’s FTSE 100, France’s CAC 40, Switzerland’s SMI 20 and Sweden’s OMX Stockholm 30 indices.
The MTF says over the past 12 months, its market ratios have climbed steadily. Chi-X Europe achieved a peak market ratio volume of 13.18% of total trading in FTSE 100 stocks on 13 March 2008. It also achieved 6.82% of DAX 30 trading on 14 March 2008; 10.00% of AEX 25 trading on 14 March 2008; and 5.86% of CAC 40 trading on 14 March 2008.
The firm further claims that since launch, on average, more than half of all trades have been executed within the spreads of the underlying exchanges. It adds that this has resulted in an average price improvement of 2.67 bps on Chi-X Europe since its launch compared to trading on the primary exchange.
In terms of speed, Chi-X Europe claims to offer a round-trip latency of two milliseconds when proximity hosted and an average internal latency of 890 microseconds, which it says is among the fastest in the industry and up to 10 times faster than the quickest European primary exchange.