Chi-X launches index series to rival FTSE and EuroStoxx

EQUITY trading platform Chi-X Europe today launches its own Europe-wide stock index series linked to its daily trading prices as it seeks to capitalise on its growing market share and compete with providers such as FTSE and EuroStoxx.

Chi-X, Europe’s biggest equities platform by volume, has created two pan-Europe and two eurozone indices of the biggest and most liquid stocks in those regions, with Russell Indexes.

The Chi-X Russell Index series, or Cheris for short, are designed to open up valuable new trading avenues for Chi-X, allowing it to offer clients hedging options such as derivatives and futures contracts linked to them.

They will also give it access to new revenues from selling its market data.

Chi-X said the indices use all its own trading prices rather than the collated prices of different national exchanges to achieve “unprecedented” consistency of results.

“We believe our index series can bring a new dynamic to the market and will be a force for improving upon the status quo,” chief executive Alasdair Haynes said.

The biggest, Cheri PanEurope, has 216 constituents from 14 countries in five currencies and a 60-strong subset, the PanEurope 60. The Cheri Eurozone includes 130 stocks from ten countries with a 40-stock subset.