Chi-X Europe to Launch "Chi-Delta" Dark Book.LONDON -- Chi-X([R]) Europe Limited, operator of the largest 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 its intention to launch the "Chi-Delta" (Dark Electronic Liquidity Trading Application) dark book. Chi-Delta is expected to launch in Q2 2009, subject to standard regulatory approvals. Chi-X Europe currently offers its trading participants the ability to use hidden order types in its visible order book, subject to meeting MiFID's Large in Scale requirements. Chi-Delta, which has been developed in line with MiFID requirements, will be a separate, non-displayed, reference-pegged order book for orders that do not meet the Large in Scale order size requirements. Prices on Chi-Delta will initially use the Primary Best Bid and Offer (PBBO) for reference pricing, though European Best Bid and Offer (EBBO) is expected to become the source of reference prices at a later date. Mid-peg, primary-peg and market-pegged orders will be supported and orders will match on a continuous basis. Trade execution fees for orders posted on Chi-Delta will be waived from launch until 31 August 2009. IOC IOC abbr. International Olympic Committee IOC n abbr (= International Olympic Committee) → COI m IOC n abbr (= (Immediate or Cancel Immediate or cancel (aka. Accept order) is a security order type instructing that quantity of the bid or ask is to be executed immediately, whatever the price. Once entered, this type of order must be met immediately as soon as trading commences. ) orders will be charged 0.30 bps. Market data will continue to be disseminated free of charge via the CHIX CHIX Chickens MD feed, with dark executions flagged accordingly. "Many of our trading participants have expressed interest in Chi-X Europe adopting a dual market structure that includes a market for speedy price discovery and a market for non-displayed crossing," said Hirander Misra, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Chi-X Europe. "We developed Chi-Delta with this in mind, with a goal of helping participants minimise market impact by potentially trading with a natural counterparty and limiting information leakage Information leakage happens whenever a system that is designed to be closed to an eavesdropper reveals some information to unauthorized parties nonetheless. For example, when designing an encrypted instant messaging network, a network engineer without the capacity to crack your . We continue to look for ways to innovate and we are delighted to provide further choice for our participants through the introduction of our dark order book." About Chi-X([R]) Europe Chi-X Europe Limited is an FSA-authorised securities firm operating a multilateral trading facility (MTF) for the trading of a wide range of European equities. Chi-X Europe's low-cost, streamlined operating model is designed to help trading participants achieve ultra-low execution, clearing and settlement costs, and benchmark tests have shown Chi-X Europe to be significantly faster 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 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. is available for a low monthly fee. For more information, please visit www.chi-x.com. Media Contacts [c]2009 Chi-X Europe Limited. All rights reserved. CHI-X is a registered trademark in the UK and Europe. 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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