Chi-Vision™, Chi-X Europe’s smart liquidity consolidation service, will provide clients with the ability to execute against Liquidnet Europe’s Supernatural® liquidity, while Liquidnet Europe will become a direct trading participant of Chi-X Europe.
Chi-X Europe, operator of the largest pan-European equity multilateral trading facility (MTF), and Liquidnet, Europe’s number one block trading MTF, today announced that they have signed an agreement to interconnect. As a result, Chi-Vision™, Chi-X Europe’s smart liquidity consolidation service, will provide clients with the ability to execute against Liquidnet Europe’s Supernatural® liquidity, while Liquidnet Europe will become a direct trading participant of Chi-X Europe, allowing Liquidnet members—through Supernatural—to execute against the liquidity on Chi-X Europe’s visible order book and the Chi-Delta™ non-displayed order book. Pilot testing of Liquidnet Supernatural is due to commence in October 2009.
“We are delighted to further extend our Chi-Vision liquidity consolidation service by connecting to Liquidnet Europe and, at the same time welcome Liquidnet Europe as a Chi-X Europe trading participant,” said Hirander Misra, COO of Chi-X Europe. “Today’s agreement brings together two complementary business models, since Chi-X Europe provides rapid price discovery as Europe’s most liquid MTF and Liquidnet Europe brings a reputation as the leading market for block-size liquidity discovery. We see this as offering trading participants of both firms enhanced crossing rates and, ultimately, improved execution quality.”
John Barker, Managing Director of Liquidnet Europe, added, “With Liquidnet Supernatural and our relationships with firms such as Chi-X Europe, Liquidnet will further cement its place as the venue for trading block orders. We are excited about today’s agreement with Chi-X Europe, as we look forward to Supernatural being a growing source of liquidity for our buy-side members.”
© Chi-X Europe
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