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Chi-Delta becomes largest declared European dark pool

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Chi-X Europe’s Chi-Delta non-displayed order book was Europe’s largest dark pool in November, according to Thomson Reuters’ Equity Market Share Reporter.

Chi-Delta represented 27.28 per cent of all reported European dark liquidity by turnover in November.

Liquidnet Europe held 25.02 per cent of the dark order book market share, while BATS Europe held 17.65 per cent, Turquoise 10.68 per cent and ITG Posit Europe 8.4 per cent.
In November 2009, EUR2.95bn was traded on Chi-Delta, representing a ten per cent increase over October’s turnover.

Additionally, trading participants achieved an average price improvement of 5.74 basis points in November by trading on Chi-Delta, leading to aggregate price improvement savings of EUR2.87m for Chi-X Europe’s non-displayed trades. Non-displayed liquidity represented 3.28 per cent of all trading activity transacted on Chi-X Europe by value in November.
Hirander Misra, chief operating officer of Chi-X Europe, says: “We are delighted that Chi-Delta has become Europe’s largest independent dark pool only six months since launch. This success has been built on the proven liquidity discovery and price improvement opportunities offered in our visible order book, which are now also being realised in the Chi-Delta non-displayed order book whilst minimising market impact. This provides our trading participants with the opportunity to achieve real alpha in Chi-Delta with ultra low execution costs.”

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