Deutsche Bank has executed its first trades on Chi-X Europe, a pan-European multilateral trading facility for equities. Deutsche Bank is not among the 13 investment banks and hedge funds that bought a stake in Chi-X in January, but is one of the members of the consortium that set up Turquoise, a rival MTF.
Client orders are routed to Chi-X Europe through autobahn Equity, Deutsche Bank’s electronic trading and analytics platform for equities.
“Chi-X Europe and other new execution venues provide much needed competition for the traditional exchanges,” said Andrew Morgan, European head of autobahn Equity, in a statement. “The benefits of increased competition will ultimately be passed on to our clients in the form of improved execution, reduced trading costs and innovative product features.”
Peter Randall, CEO of Chi-X Europe, added, “Attracting high-quality participants such as Deutsche Bank illustrates our position as a relevant and important alternative to the existing exchanges.”