Chi-X Europe Limited, operator of the largest pan-European equity multilateral trading facility (MTF), today announced that it is successfully trading, clearing and settling five of the top component stocks of the Italian S&P MIB40 index, and plans to introduce the remainder of the index's components later in the month.
The first stocks available for trading on Chi-X Europe are:
- Enel SpA
- ENI SpA
- Fiat SpA
- Intesa Sanpaolo SpA
- UniCredit SpA
"Since launching some eighteen months ago we have introduced trading services for many of Europe's most heavily-traded equities and are pleased to extend coverage to these Italian names," commented Peter Randall, CEO of Chi-X Europe Limited. "Chi-X Europe participants continue to enjoy price improvement and lower trading costs, and we remain committed to providing the European trading community with the benefits of our faster, cheaper and smarter model."
Trades in these stocks will be cleared through Fortis' European Multilateral Clearing Facility (EMCF) and will be settled in Monti Titoli (Italian Central Securities Depository), and will be fully fungible with trades in these stocks transacted on the primary market.
Overall trading, clearing and settlement costs for Italian securities through the Chi-X Europe and EMCF infrastructure are anticipated to be 0.11bps*, which, based on published data, is significantly less expensive than via the current market infrastructure.
* Based on a passive/aggressive rebate ratio of 50:50.