Otkritie, one of the largest financial groups and leading providers of high frequency trading solutions in Russia, has connected to Chi-X Europe, the leading pan-European equities exchange, to provide enhanced market access to Otkritie's clients.
Benefits to OTKRITIE's clients will include improved efficiency of execution, clearing and settlement, greater access to the market, and lower costs. Furthermore, membership of Chi-X Europe will meet an increasing demand among clients for trading Russian depository receipts listed overseas.
OTKRITIE Securities Limited (UK) is the only FSA-regulated brokerage to offer DMA to all the Russian markets from London. This includes access to the Moscow Interbank Currency Exchange (MICEX), the Russian Trading System (RTS), RTS Futures and Options (FORTS), plus the International Order Book (London Stock Exchange).
As Europe's second largest stock exchange, Chi-X Europe offers trading in more than 1,300 of the most liquid securities across 25 indices and 15 major European markets, as well as ETFs (exchange traded funds), ETCs (exchange traded commodities) and IDRs (international depositary receipts) in both a visible order book and the Chi-DeltaTM non-displayed order book. Chi-X Europe's low-cost, streamlined operating model is designed to help trading participants achieve ultra-low execution and clearing and settlement costs. Chi-X Europe has achieved market shares of up to 30% of the FTSE 100, 25% in the AEX25, CAC40 and DAX30 and up to 15% in other indices.
Tim Bevan, OTKRITIE's Director of Global Electronic Trading, comments: "OTKRITIE's decision to connect to Chi-X Europe is further evidence of our vision to be recognised as a leader in offering efficient access to clients who seek out new liquidity pools globally. In turn, OTKRITIE and our DMA clients will benefit from economies of scale and a wider variety of Russian and global equity instruments accessible for investment and new trading strategies. Joining Chi-X is just one of the initiatives OTKRITIE has undertaken as part of a longer term strategy to enable our clients' access to all platforms globally where Russian instruments are traded. OTKRITIE is confident, that as our company continues its rapid expansion, there will be further opportunities to develop this business relationship in the future."