Chi-X, a pan-European alternative trading system owned by agency broker Instinet, has started trading, clearing and settling all of the component stocks of the UK’s FTSE 100 share index.
Since April 16 this year, Chi-X has offered trading for all the Dutch AEX 25 and German DAX 30 component stocks, and will introduce trading for the other major European markets before MiFID goes into effect on 1 November.
“Having successfully introduced the AEX 25 and DAX 30 index constituents earlier this year, we are pleased to extend coverage to these UK stocks,” says Peter Randall, director of Chi-X Europe. “Our early results point to an encouraging start in the task of attracting, servicing and maintaining significant new sources of European liquidity.”
Chi-X uses the central clearing and settlement services Fortis’s European multilateral clearing facility to clear and settle trades. UK Stocks will be settled in CREST and will be fully fungible for clients whether traded on Chi-X or the primary market.
Chi-X has also released its trading statistics for the month of July. Some 241,048 trades were executed on Chi-X in July, and 104.5 million individual shares were traded. Total value of the shares traded in the month was €4.5 billion ($6.2 billion).