Chi-X Europe Extends Trading Services to Austrian Stocks.LONDON -- Chi-X([R]) Europe Limited, operator of the first live, pan-European, equity multilateral trading facility (MTF (1) (Modulation Transfer Function) A measurement of monitor sharpness. MTF compares the contrast ratio between alternating black and green lines that are one pixel thick. ), today announced that it is successfully trading, clearing and settling five of the top component stocks of the Austrian ATX See ATX motherboard. (hardware, standard) ATX - An open PC motherboard specification by Intel. ATX is a development of the Baby AT specification with the motherboard rotated 90 degrees in the chassis. 20 index, and plans to introduce the remainder of the index's components later in the month. The first stocks available for trading on Chi-X Europe are: * Erste Bank der Oesterreichischen Sparkas * Voestalpine AG * Raiffeisen International Bank Holding AG * OMV OMV Open Market Value (automobiles) OMV Orbital Maneuvering Vehicle OMV Oblates of the Virgin Mary (religious order) OMV Österr Mineralöl Verwaltung (Austrian Mineral Oil Administration) AG * Telekom Austria AG "Since launching some seventeen months ago we have introduced trading services for many of Europe's most heavily-traded equities and are pleased to extend coverage to these Austrian names," commented Peter Randall, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Chi-X Europe Limited. "Chi-X Europe participants continue to enjoy price improvement and lower trading costs Trading costs Costs of buying and selling marketable securities and borrowing. Trading costs include commissions, slippage, and the bid/ask spread. See: Transactions costs. , and we remain committed to providing the European trading community with the benefits of our faster, cheaper and smarter model." Trades in these stocks will be cleared through Fortis' European Multilateral Clearing Facility (EMCF EMCF Edna McConnell Clark Foundation ) and will be settled in Oesterreichische Kontrollbank AG (Austrian Central Securities Depository), and will be fully fungible A description applied to items of which each unit is identical to every other unit, such as in the case of grain, oil, or flour. Fungible goods are those that can readily be estimated and replaced according to weight, measure, and amount. with trades in these stocks transacted on the primary market. With the addition of trading services for the ATX 20 component stocks to Chi-X Europe, overall trading, clearing and settlement is anticipated to be less expensive than via the current market infrastructure. According to an analysis by Instinet Europe Limited, Chi-X Europe's majority shareholder, execution costs Execution costs The difference between the execution price of a security and the price that would have existed in the absence of a trade, which can be further divided into market impact costs and market timing costs. for trades transacted on the underlying exchange are 4.24 bps compared to Chi-X Europe's trading costs of 0.05 bps*. * Based on a passive/aggressive rebate ratio of 50:50. About Chi-X([R]) Europe Chi-X Europe Limited, a majority-owned subsidiary of Instinet Europe Limited, is an FSA-authorised securities firm operating as a multilateral trading facility (MTF) for the trading of a wide range of European equities. Chi-X Europe's low-cost, streamlined model is designed to help participants achieve ultra-low execution, clearing and settlement costs. Benchmark tests have shown the Chi-X Europe operating model to be up to 10 times faster(+) and significantly less expensive than Europe's traditional equity exchanges. Chi-X Europe disseminates real-time market data to clients directly and via third-party market data vendors at no cost, and off-exchange trade reporting is available for a low monthly fee. For more information, please visit www.chi-x.com. (+) Based on Instinet Europe Limited's exchange linkages performance measurement statistics for average DMA (1) (Digital Media Adapter) See digital media hub. (2) (Document Management Alliance) A specification that provides a common interface for accessing and searching document databases. order messaging in June 2007. These Instinet internal figures are for round-trip latency message acknowledgement based on sending an average number of messages to the exchange system and obtaining a response back to Instinet's system over the course of a normal trading day. They are provided for illustrative purposes only and are not intended to represent an independent performance measure of latency. Market volatility and volume may affect actual performance. [c]2008 Chi-X Europe Limited. All rights reserved. CHI-X is a registered trademark in the UK and Europe. INSTINET is a registered trademark in the United States and in other countries throughout the world. Approved for distribution in Europe by Chi-X Europe Limited, which is authorised and regulated by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . |
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