Chi-X Europe begins trading IDRs
03 September 2010 | 3071 views | 0
Chi-X Europe, the leading pan-European stock exchange [i], today commenced trading of International Depositary Receipts (IDRs). This new market segment covers 50 stocks from some 12 countries, including Eastern and Southern European states such as Russia and Cyprus, as well as stocks from Asian countries such as India and South Korea.
IDRs form Chi-X Europe's 16th market segment. The exchange already offers trading in over 1,200 of the most liquid stocks from 15 European countries, plus ETFs and ETCs. There will be continuous trading in the IDR securities from 08.15 to 15.30 UK time as of today. IDR securities will be cleared by Chi-X Europe's CCP European Multilateral Clearing Facility (EMCF) and netted for settlement at Euroclear Bank.
Commenting, Alasdair Haynes, CEO of Chi-X Europe, said:
"I am very pleased with today's developments. As always we have responded to users' needs and have expanded the range of securities we offer for trading, at lower costs and faster speeds than has been possible until now."
Michael Cole-Fontayn, Chief Executive Officer BNY Mellon's Depositary Receipt business added: "The launch of this new market segment further enhances the visibility and liquidity of the globally traded depositary receipts market, benefitting issuers, brokers and investors. As the global leader in depositary receipts, BNY Mellon acts as depositary for 29 of the 50 securities trading on the Chi-X Europe segment and is fully committed to supporting the market to develop."