Chi-X is Cheaper

Lowering transaction costs from execution through to settlement

In creating Chi-X we have designed a low cost, less complex model to ensure not only lower execution costs, but lower clearing and settlement costs

This will provide a better choice of execution and support the industry's efforts to simplify European clearing and settlement

Trading fees on Chi-X for execution are: 0.30bps charge for aggressive execution 0.20bps rebate for passive execution
Off-Exchange Trade reporting: £210 pcm
Market data: no charge

A passive execution refers to an order which has been placed on the order book and executes as a result of being hit by an incoming order.

An aggressive execution refers to an incoming order which hits an order that has been placed on the order book resulting in an execution.

Trading costs: Chi-X versus Exchanges

Trading Venue Trading costs (bps)
Chi-X Europe 0.05*
Euronext Amsterdam 0.40*
London Stock Exchange 0.44*
Deutsche Börse Xetra 0.58*
Euronext Paris 0.66*
Virt-X 0.71*
OMX Helsinki 0.78*
OMX Stockholm 1.07*
* based on a passive/aggressive execution ratio of 50:50.
Source: Instinet Europe internal statistics based on average daily DMA trades, volume and consideration.