Chi-X Europe Growth Continued In H1 2011 - H2 2011 Makes A Strong Start

Highlights

• · Value traded increased by 16% versus previous half and was almost equal to the total amount traded in the whole of 2009
• · Chi-X Europe maintained position as 2^nd largest equity exchange in Europe in H2 2011[i]
• · Strong start to H2 2011. Market share records achieved in Italian and Norwegian stocks

Chi-X Europe Limited, the leading pan-European equities exchange, today published its trading statistics for the first half of 2011. Continuing the trend from 2010, Chi-X Europe maintained its position as the 2^nd largest equity exchange in Europe according to the Federation of European Securities Exchanges (FESE). Over €860 billion worth of shares traded in the first six months of 2011, up 16% on the previous half and almost equal to 2009’s €869 billion. Chi-X Europe is the largest equity exchange in Europe by number of trades. 

The number of trades and value traded both increased compared to the previous half. Year-on-year market share increased across the major indices versus the same period in 2010 and several new records were set, including highs of 27.09% in the CAC Next 20 (13^th April), 24.62% in the FTSE250 (28^th March), 23.06% in the SMI 20 (14^th April) and 21.89% in the MDAX (2^nd June 2011). In July to date, Chi-X Europe has achieved market share records of 17.14% in the MIB 40 (13^th July 2011) and 12.46% in the OBX25 (14^th July 2011).

Overall savings for participants through price improvements over the six months amounted to more than €86 million, representing an average basis point price improvement of 1.20bps[ii].

Alasdair Haynes, CEO of Chi-X Europe, said: “I am delighted that Chi-X Europe has maintained its pattern of growth and continues to be the largest pan-European stock exchange, despite the period of uncertainty surrounding the proposed sale of the Company. What is particularly pleasing is that the second half of the year has got off to an excellent start.”

Chi-X Europe is currently the subject of a potential acquisition by BATS Global Markets, however Chi-X Europe continues to operate as an independent company. The proposed deal has been referred by the Office of Fair Trading to the Competition Commission, which is expected to report its decision by 2^nd December 2011.

Non-displayed liquidity represented around 4.5% of all trading activity transacted on Chi-X Europe in the six months under review. Chi-Delta continues to rank as the largest publicly declared dark order book in Europe[iii], and has been the largest in every month of 2011 so far.

On a quarterly basis, Chi-X Europe’s volumes in Q2 2011 were slightly lower than the previous quarter and versus the same period in the previous year. This was in line with the reduced values traded on other European exchanges, with the turnover across venues in Europe[iv] falling by 12% versus Chi-X Europe’s 11% turnover decline between Q1 and Q2 2011.