Chi-X Europe Limited, operator of the largest pan-European equity multilateral trading facility (MTF), today announced a new autumn pricing promotion.
Chi-X Europe participants that double their total Chi-X Europe trading activity (by value traded) in September 2009 versus their previous three-month average (June to August 2009) will qualify for the pricing promotion, which will reduce trading fees to 0.2 basis points for aggressive executions in October 2009. The promotion will apply only to Chi-X Europe’s visible order types, and will be valid for trades in any of the 14 markets in which Chi-X Europe offers trading. Throughout the promotion, Chi-X Europe’s standard rebate of 0.2 basis points for passive executions will remain.
As a result of the promotion, qualifying Chi-X Europe trading participants whose trading composition (for visible order types) is 50 percent aggressive and 50 percent passive in October 2009 will trade at no cost, while trading participants whose trading composition is primarily passive will continue to receive a net rebate. To ensure Chi-X Europe’s continued levels of high market integrity, self trades will be excluded from the calculation for the promotion. Additionally, firms must have been a registered Chi-X Europe trading participant for at least 90 days as of 1 September 2009 to quality for the promotion.
Commenting on the announcement, Mark Howarth, CEO of Chi-X Europe, said in a company release, “We are delighted to be able to offer our trading participants the opportunity to reduce trading fees across all of Chi-X Europe’s markets. Participants can continue to take advantage of our proven pan-European liquidity and price improvement opportunities, now at an even lower tariff. Coupled with the innovative trading products we deliver to the trading community, this should help to increase the efficiency of the European capital markets and lower the frictional costs of trading.”