Chi-X Europe haggles with FSA in bid to avoid Swiss Exchange fee

CHI-X Europe, the continent’s largest share trading platform, is in talks with Britain’s Financial Services Authority (FSA) to find a way of avoiding new fees the Swiss Exchange will charge for using its price data.

The SIX Swiss Exchange plans to impose a new fee of 100,000 Swiss francs (£65,200) on trading rivals, such as Chi-X Europe, Bats Europe and Turquoise, which all use data from the Zurich-based stock market to facilitate Swiss stocks trading.

“The proposed fee amounts to a significant charge at a time when trading revenue is scarce,” Chi-X Europe chief executive Alasdair Haynes said. “So, we have contacted the relevant authorities about the possibility of using the prices from our own order book.”