Chi-X Canada Surpasses Five Million Shares in Trading Volume

18 September 2008

Chi-X™ Canada ATS Limited, a wholly-owned subsidiary of Instinet Incorporated and operator of Chi-X Canada, today announced it traded a record 5.5 million shares on September 16, and over the last week has averaged over 4.5 million shares per day in trading volume. Additionally, the ATS recently added its 37th member participant, a group which includes 27 of Canada’s 30 largest brokers, and has also partnered with Canada’s largest connectivity (BT Radianz, Savvis, TNS), market data (Bloomberg, Datalinx, Thomson Reuters) and order entry (Belzberg, FlexTrade, Fidessa, IRESS, ITS, Orc Trading, Nexa) vendors since launching in late February.

“Our trading volumes have steadily increased since our launch. With the mix of participants connected, we are regularly the market’s leading ATS in terms of notional value, number of trades and number of names traded, and are consistently trading between 10-15 percent of the overall daily volume of certain S&P/TSX 60 names such as Nexen, Cameco and Petro Canada,” said Tal Cohen, CEO of Chi-X Canada*. “Additionally, with trades on Chi-X Canada regularly realizing price improvement as compared to the primary exchange due to our unique offering of pegged and hidden order types, those brokers who are not connected will soon need to revisit their best execution policies.”

Mr. Cohen continued: “While we realize that competition in the Canadian equity trading markets will no doubt intensify over the coming months, we believe that we are well positioned given our system’s speed and capacity, pricing, feature set and our experience running marketplaces in Europe and the U.S.”

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