Chi-X Europe Limited intends to offer full four-way clearing interoperability to all of its trading participants.

EMCF, EuroCCP, LCH.Clearnet Ltd and SIX x-clear will collaborate to offer a full clearing choice by 1 January 2012, subject to regulatory approval. Full interoperability will be available for all traded equities on Chi-X Europe, with the exception of the Spanish market.
 
Participants will be able to take advantage of the efficiencies of netting and cross-margining to manage their risks and costs more effectively.
 
“This is a significant milestone for the European equities market.  Full four-way interoperability has always been one of our key goals and this will further improve efficiencies in pan-European equities trading,” says Alasdair Haynes (pictured), CEO of Chi-X Europe. “We believe competition and choice will drive down clearing costs and make the European market an even more attractive place to trade. We would strongly encourage all other European exchanges and MTFs to join this initiative by supplying trade feeds which will be of further benefit to the whole market.”
 
Chi-X Europe has a pan-European market share of approximately 19% and represents approximately 30% of trading in the FTSE100 and approximately 25% of the AEX25, CAC40 and DAX30. To date, during the month of August, Chi-X Europe has been the largest equity exchange in Europe achieving several record trading days, representing market shares of 33.10% of the FTSE100, 30.22% of the AEX25 and 18.76% of the MIB40.