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Highlights
- Chi-X Europe became the 2nd largest equity exchange in Europe during 2010
- Year-on-year market share increased across the major indices
- Chi-Delta remains the largest publicly declared non-displayed order book in Europe
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Chi-X Europe Limited, the leading pan-European equities exchange, today published its trading statistics for the fourth quarter of 2010 and the year as a whole. According to the Federation of European Securities Exchanges (FESE), Chi-X Europe was ranked as the second largest equity exchange by value tradedii in 2010. The value traded on Chi-X Europe in a single year exceeded €1.58 trillion in 2010 – greater than the total value traded on Chi-X Europe across the previous three years. Value traded during Q4 2010 remained virtually unchanged from the previous quarter, but increased by 33% compared to the fourth quarter of 2009.
Market share also increased across the major indices versus the previous year, taking Chi-X Europe’s share above 25% in the FTSE 100 and over 20% in the AEX 25, BEL 20, CAC 40 and DAX 30. Overall savings for participants through price improvements during the year amounted to more than €170 million,representing an average basis point price improvement of 1.41bpsiii.
Key developments during the year included further expansion of the stock universe to cover Irish equities, Belgian mid-cap equities and International Depositary Receipts (IDRs). Chi-X Europe also recently announced the launch of the centrally cleared contract-for-difference (ccCFD) service in partnership with LCH.Clearnet, allowing CFDs, a product usually traded ‘over the counter’, to be brought on-exchange, reducing counterparty risk and increasing netting efficiencies.
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Chi-X Europe overall
trading statistics – Q4 2010
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Q4 Overview
(vs. previous quarter)
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Q4 2010 (vs. Q4 2009)
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2010 (vs. 2009)
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Number of Trades
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63.0m (+1%)
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+36% (up from 46.3m)
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256.7m (+71%)
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Share Volume
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40.1bn (-8%)
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+14% (up from 35.1bn)
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186.0bn (+59%)
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Turnover
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€367.8bn (-1%)
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+33% (up from €277.4bn)
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€1.6trn (+83%)
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Chi-X Europe
consolidated market share – major indices
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Q4 market share
(vs. previous quarter)
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Q4 2010 (vs. Q4 2009)
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2010 (vs. 2009)
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FTSE 100
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26.6% (down from 26.9%)
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+10% (up from 24.2%)
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26.8% (up from 19.8%)
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CAC 40
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22.1% (up from 20.1%)
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+27% (up from 17.4%)
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21.2% (up from 15.9%)
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AEX 25
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23.6% (up from 21.2%)
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+34% (up from 17.6%)
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22.6% (up from 16.7%)
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BEL 20
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24.3% (up from 21.8)
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+59% (up from 15.3%)
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22.0% (up from 11.4%)
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DAX 30
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20.4% (down from 21.9%)
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+15% (up from 17.8%)
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20.7% (up from 14.8%)
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SMI 20
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18.2% (no change)
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+68% (up from 10.8%)
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16.7% (up from 7.9%)
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OMX S 30
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16.5% (down from 17.0%)
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+56% (up from 10.5%)
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15.4% (up from 9.8%)
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Non-displayed liquidity represented around 4.6% of all trading activity transacted on Chi-X Europe in the quarter under review and 3.7% for the year as a whole. Participants trading on Chi-Delta achieved average basis point savings of 4.47bpsiv on each side of the trade.
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Chi-Delta trading
statistics – Q4 2010
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Q4 Overview
(vs. previous quarter)
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Q4 2010 (vs. Q4 2009)
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2010 (vs. 2009)
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Number of Trades
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1.9m (+25%)
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+83% (up from 1.0m)
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6.8m (+433%)
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Share Volume
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2.0bn (+15%)
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+36% (up from 1.5bn)
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8.1bn (+339%)
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Turnover
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€16.8bn (+27%)
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+99% (up from €8.5bn)
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€58.4bn (+439%)
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Commenting, Alasdair Haynes, CEO of Chi-X Europe, said: “As predicted, 2010 was indeed the breakthrough year for Chi-X Europe. We continued to grow, increased our market share in key markets and we also achieved consistent and sustainable profitability – the first and only new-generation stock exchange to do so. I’m tremendously proud of Chi-X Europe’s achievements last year and look forward to further progress in 2011.”
iSource: Thomson Reuters Equity Market Share Reporter (EMSR)
iiStatistics for European electronic order book equity trading, sourced from the Federation of European Securities Exchanges
iiiOverall 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.
ivBasis points price improvement for Chi-Delta 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 non-displayed trades executed on Chi-X Europe, and is calculated from the perspective of one party to the trade.
