Chi-X beating LSE on trades

EUROPE-wide equity trading platform Chi-X Europe fielded more trades than the London Stock Exchange in August, putting it ahead of all other exchanges in the region, data from the Federation of European Securities Exchanges yesterday showed.

Chi-X, which allows multilateral equity trades in Europe-listed companies, saw 43.1m trades completed in August, a 58 per cent leap from the 27.3m trades seen in July and just ahead of the London Stock Exchange Group, which saw 41.6m trades.

But the LSE Group, which includes Italian stock market Borsa Italiana and its multilateral platform Turquoise, said its trading period was shortened by the UK’s August bank holiday and it had a smaller geographical reach.

In turnover terms, the LSEG, led by Xavier Rolet (pictured), remains the bigger exchange, with a total €270.8m (£235m) of turnover in August, compared to €213.8m on Chi-X.

But Chi-X has grown closer to pipping its longer-established competitor and is currently finalising a takeover by US-based platform BATS Global, which will expand its reach further.

Its chief executive Alasdair Haynes said clients wanted to cut costs. “We’re cheaper than the incumbent exchanges. If as a venue you are reliable, price will be one of the deciding factors,” he said.