The analysis, which adopted Tower Groupâs cost methodology(1), found Chi-X Europe tariffs to be between 18-28 times cheaper than the new NYSE Euronext trading tariffs, exclusive of clearing costs.
Tower Groupâs research compared trading costs among Chi-X Europe, Deutsche Boerse, London Stock Exchange and NYSE Euronext and detailed their findings in a February 2009 report. The study found Chi-X Europe to be 15-21 times cheaper, exclusive of clearing costs(2), than the NYSE Euronext trading tariffs at the time of analysis.
Commenting on the findings, Mark Howarth, Interim CEO of Chi-X Europe, said, âWe anticipated that the exchanges would make some fee adjustments given Chi-X Europeâs growing market share, and we are pleased to find that Chi-X Europe trading fees today are now even more competitive than NYSE Euronextâs. Prior to these changes, we were around 15-21 times cheaper according to Tower Group. Today, we are 18-28 times cheaper.â
âChi-X Europe set out to build a liquid alternative execution venue that would improve the overall efficiency of the markets. While our trading participants have been pleased with the results theyâve achieved on Chi-X Europe, they remain frustrated by the tariffs levied by the incumbent exchanges,â said Graham Dick, Head of Business Development for Chi-X Europe. âWe believe the increased fee differential between Chi-X Europe and NYSE Euronext will drive even more trading participants to Chi-X Europe to take advantage of our deep order book liquidity, low costs and potential price improvement.â