Chi-X Europe, a European multilateral trading facility, has become the latest venue to announce a price promotion that will give members the chance to trade on the platform for free.
For the whole of October, Chi-X will reduce its charge for removing liquidity from its order book to 0.2 basis points from 0.3 bps across all its 14 European markets. Chi-X’s rebate for posting liquidity will remain at 0.2 bps.
The promotion will only apply to participants that double their total amount of value traded in September compared to their previous three-month average and will not apply to dark order types or trades internalised on the platform.
Firms that qualify for the promotion will have the opportunity to trade for free, if they trade a 50:50 split of passive and aggressive executions.
“We are delighted to be able to offer our trading participants the opportunity to reduce trading fees across all of Chi-X Europe’s markets. Participants can continue to take advantage of our proven pan-European liquidity and price improvement opportunities, now at an even lower tariff,” said Chi-X CEO Mark Howarth.
Rival MTF BATS Europe is also planning to launch a price promotion from next Tuesday for UK stocks, which will rebate all members 0.4 bps for adding liquidity and charge 0.2 bps for removing liquidity. Furthermore, those that trade over £50 million in UK stocks during September, will have their remove fee waived for that month.
During its previous pricing promotion in June and July for Euronext stocks, which also offered inverted pricing, BATS Europe’s market share reached 7.55% in the French CAC 40, 5.37% in the Belgian BEL 20 and 4.60% in the Dutch AEX index.