Chi-X Europe’s Chi-Delta Becomes Largest Declared European Dark Pool

Chi-X Europe Ltd, operator of the largest pan-European equity multilateral trading facility (MTF), today announced that its Chi-Delta™ non-displayed order book was Europe’s largest dark pool in November – representing 27.28 percent of all reported European dark liquidity by turnover – according to Thomson Reuters’ Equity Market Share Reporter (EMSR). 

Since its launch in May 2009, Chi-Delta has shown consistent monthly growth. In November 2009, €2.95bn was traded on Chi-Delta, representing a 10 percent increase over October’s turnover. Additionally, trading participants achieved an average price improvement of 5.74 basis points in November by trading on Chi-Delta, leading to aggregate price improvement savings of €2.87m for Chi-X Europe’s non-displayed trades. Non-displayed liquidity represented 3.28 percent of all trading activity transacted on Chi-X Europe by value in November.

Commenting on the announcement, Hirander Misra, Chief Operating Officer of Chi-X Europe, said, “We are delighted that Chi-Delta has become Europe’s largest independent dark pool only six months since launch. This success has been built on the proven liquidity discovery and price improvement opportunities offered in our visible order book, which are now also being realised in the Chi-Delta non-displayed order book whilst minimising market impact. This provides our trading participants with the opportunity to achieve real alpha in Chi-Delta with ultra low execution costs.”