Chi-X Europe, a pan-European multilateral trading facility (MTF), has reached a new milestone in FTSE 100 trading, breaking through the 30% market share barrier for first time on 4 May.
According to figures from data vendor Thomson Reuters quoted by Chi-X Europe, the MTF had a 30.62% of FTSE 100 trading after the closing auction. Rival MTF BATS Europe reached 10.23%, while Turquoise, the London Stock Exchange (LSE)-owned MTF, traded 4.08%. The LSE’s main order book finished the day on 53.42%.
BATS Europe also reported a record month in April for trading UK stocks, averaging 10.3% of FTSE 100 market share – the first time it has breached the 10% barrier for an entire month – and exceeding €3 billion traded in one day. BATS also reached records for FTSE 250 (7.2%), AEX (5%), SMI (6.9%) and OMX Helsinki (5.4%) in April.
According to Thomson Reuters numbers, Chi-X first broke the 20% barrier on 20 August 2008, reaching 22% of FTSE 100 trading. Now, the MTF regularly enjoys between 17-20% of total pan-European equity trading.
Chi-X’s 4 May record will put more pressure on the London Stock Exchange, which has steadily lost market share to the new breed of MTFs since MiFID came into force in November 2007.
The LSE’s FTSE 100 market share has plummeted from 95% in January 2008 to 49.9% in April 2010.