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Capital Markets

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%.

Credible alternative

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

"We’ve already achieved more to establish ourselves as a credible alternative than the London Stock Exchange’s Dutch Trading Service or Tradepoint or any of the others ever have, even though we only launched at the end of March," says Peter Randall, director at Chi-X. "The existing exchanges believed that liquidity was theirs and theirs alone and that it could never be shifted but our early trading results suggest that there might need to be a reassessment of that."

This August, Chi-X broadened its assault on Europe’s incumbent exchanges by commencing trading in London Stock Exchange-listed FTSE 100 stocks. Trades will be cleared through Fortis’s European Multilateral Clearing Facility and settled in Crest.

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