Chi-X Europe Granted FSA License for Off-Exchange Trade Reporting.Monthly Trade Reporting Trade reporting Dealer: In a trade between two registered Market Participants (MP), only the sell side reports the trade. Auction: In a trade between two member firms, only the sell side reports the trade. Service Available for PS210 Per Month; No Charge for Market Data, Licenses, Data Feeds or Message Traffic LONDON -- Chi-X([R]) Europe Limited, a pan-European equity alternative trading system The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. (ATS), today announced that it has been granted Trade Data Monitor (TDM (Time Division Multiplexing) A technology that transmits multiple signals simultaneously over a single transmission path. Each lower-speed signal is time sliced into one high-speed transmission. ) authorization 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. (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ), enabling Chi-X Europe to offer its participants a trade reporting service for Chi-X Europe trades, as well as a broad range of OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). equity trades. Effective immediately, Chi-X Europe will offer off-exchange trade reporting for a monthly fee of PS210 per client connection. There will be no additional charges for market data, license fees, data feed fees or message or volume traffic. Under the TDM license, Chi-X Europe will provide a real-time, FIX 4.4 trade data feed to participants and vendors, and will receive submitted trade reports via the same format. In order to provide complete post-trade transparency, Chi-X Europe will handle trades, trade corrections and trade cancellations, as well as the delayed publication of block trades. "We are delighted that the FSA has granted authorization for Chi-X Europe to operate as a Trade Data Monitor, as this will allow us to help clients meet their post-trade transparency requirements under MiFID Article 28," commented Hirander Misra, Director of Chi-X Europe Limited. "We believe that the combination of no cost market data and flat fee trade reporting with Chi-X's faster, cheaper and smarter trading and clearing model makes it an extremely viable alternative for European investors." About Chi-X([R]) Europe Chi-X Europe Limited, an indirect subsidiary of Instinet Incorporated, is an FSA-authorised securities firm operating as an Alternative Trading System (ATS) and, once MiFID goes into effect, Multi-Lateral 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. ) for the trading of a wide range of European equities. Chi-X Europe's low-cost, streamlined model is designed to help institutional investors achieve ultra-low execution, clearing and settlement costs. Both internal and external benchmark tests showed 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 market data to clients directly and via third-party market data vendors at no cost, and 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. About Instinet Instinet, through its subsidiaries, is a global agency broker, providing the trading expertise and advanced technology necessary to successfully interact with more than 60 securities markets worldwide. Acting solely as an agent for its customers, Instinet seeks to improve institutional investment performance and lower overall 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. through its various front-end trading systems, securities crossing networks, smart-routing technology, algorithms, commission management programs and investment research products. Instinet also operates a wide array of ATS platforms around the world, including CBX (Computerized Branch eXchange) Same as PBX. (SM), Chi-X([R]) Europe and JapanCrossing(SM). The firm, which is a wholly-owned subsidiary of Nomura Holdings, Inc., has offices in North America, Europe and the Asia-Pacific region. For more information, please visit www.instinet.com. (c)2007 Instinet, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . All rights reserved. INSTINET and CHI-X are registered service marks 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. Instinet, LLC, member FINRA/SIPC. |
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