Highlights
- Value traded jumped 24%, Chi-X Europe maintained position as 2nd largest equity exchange in Europe in Q1[i]
- Chi-Delta achieved biggest quarter in terms of value traded, maintained top position among dark pools in Europe[ii]
- Partnerships with Russell Investments and LCH.Clearnet unveiled
Chi-X Europe Limited, the leading pan-European equities exchange, today published its trading statistics for the first quarter of 2011. Over €454 billion worth of shares were traded on Chi-X Europe during the quarter, helping Chi-X Europe to maintain its position as the second largest equity exchange in Europe according to the Federation of European Securities Exchanges (FESE).
Market share increased or remained steady across the major indices versus the same period in 2010, taking Chi-X Europe’s share of the FTSE 100 to 27% and over 20% in the AEX 25, BEL 20, CAC 40 and DAX 30. Overall savings for participants through price improvements during the quarter amounted to more than €47 million, representing an average basis point price improvement of 1.28bps[iii].
The quarter was a significant period for Chi-X Europe, with the announcement of its partnership with Russell Investments to launch a new series of pan-European indices. This is a precursor to Chi-X Europe’s move into the futures and options sector.
Q1 2011 also saw the launch of the centrally cleared contract-for-difference (ccCFD) service by Chi-X Europe and LCH.Clearnet, allowing CFDs to be brought on-exchange, reducing counterparty risk and increasing netting efficiencies.
Commenting, Alasdair Haynes, CEO of Chi-X Europe, said:
“After a tremendous year of growth and profitability in 2010, this quarter has seen Chi-X Europe maintain its momentum and make several key announcements. We have continued to provide strong competition in the cash equities space whilst also broadening our horizon to other areas including indices and contracts-for-difference, in line with Chi-X Europe’s ethos for providing innovation and choice.”
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Chi-X Europe overall trading statistics – Q1 2011 |
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Q1 Overview (vs. previous quarter) |
Q1 2011 (vs. Q1 2010) |
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Number of Trades |
77.8m (+24%) |
+32% (up from 59.1m) |
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Share Volume |
45.5bn (+13%) |
+3% (up from 44.2bn) |
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Turnover |
€454.6bn (+24%) |
+24% (up from €367.5bn) |
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Chi-X Europe consolidated market share – major indices |
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Q1 market share (vs. previous quarter) |
Q1 2011 (vs. Q1 2010) |
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FTSE 100 |
27.0% (up from 26.6% |
+4% (up from 26.0%) |
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CAC 40 |
21.7% (down from 22.1%) |
no change |
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AEX 25 |
22.2% (down from 23.6%) |
+3% (up from 21.6%) |
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BEL 20 |
23.9% (down from 24.3%) |
+17% (up from 20.4%) |
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DAX 30 |
20.5% (up from 20.4%) |
+1% (up from 20.3%) |
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SMI 20 |
18.3% (up from 18.2%) |
+31% (up from 14.0%) |
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OMX S 30 |
15.9% (down from 16.5%) |
+29% (up from 12.3%) |
Non-displayed liquidity represented around 4.4% of all trading activity transacted on Chi-X Europe in the quarter under review, surpassing the €20 billion mark in terms of quarterly value traded.
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Chi-Delta trading statistics – Q1 2011 |
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Q1 Overview (vs. previous quarter) |
Q1 2011 (vs. Q1 2010) |
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Number of Trades |
2.1m (+10%) |
+32% (up from 1.6m) |
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Share Volume |
2.2bn (+8%) |
+10% (up from 2.0bn) |
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Turnover |
€20.2bn (+20%) |
+63% (up from €12.4bn) |
[i] Electronic order book consideration, sourced from the Federation of European Securities Exchanges (FESE)
[ii] Source: Thomson Reuters Equity Market Share Reporter.
[iii] Overall basis points price improvement is calculated by comparing the execution price against the market of listing best bid for each sell or best offer for each buy at the point of execution for all aggressive trades executed on Chi-X Europe, and is calculated from the perspective of the aggressive party only.
