Alternative trading systems: Chi-X rising

Chi-X, the pan European alternative trading system (ATS) operated by Instinet, is starting to make waves, winning significant market share in certain stocks on some days.

The ATS has had particular success against Euronext Amsterdam, where its market share in blue chips such as Philips and ING reached 44% and 29% respectively at the end of August.

Chi-X’s market share is growing rapidly in some stocks. In July, the ATS traded just over 10% of the volume of Royal Dutch A shares. By the end of August, its share of the trading in the oil major reached almost 30%.

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Chi-X has also grabbed about 10% of the market for several of the most liquid German stocks, including Allianz and Deutsche Telekom.

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