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Chi-X Successfully Begins Full Equity Trading, Clearing and Settlement

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Chi-X Successfully Begins Full Equity Trading, Clearing and Settlement

Pan-European ATS now fully trading AEX 25 and DAX 30 indices, with clearing services provided by Fortis; Credit Suisse's Advanced Execution Services begins providing externally routed order flow; BNP Paribas approved as “General Clearing Participant”

Instinet Chi-X® Limited, a pan-European equity alternative trading system (ATS), today (16 April 2007) announced that it is successfully trading, clearing and settling the component stocks of the AEX 25 (Dutch) and DAX 30 (German) indices with the help of Fortis’ European Multilateral Clearing Facility (EMCF) entity, a non-exclusive partner. With this phase of the Chi-X rollout in place, the integrated system is now the first to offer trading and clearing services that completely bypass Europe’s existing exchanges and central counterparty infrastructure.

Chi-X will begin trading the component stocks of the FTSE 100 index by the end of Q2. The other major European markets will be introduced ahead of MiFID later this year. Chi-X has been in live beta production since November 2006, during this time successfully executing trades from Instinet’s client order flow.

“Chi-X is a completely open and MiFID-compliant trading platform, allowing institutional and private client investors to access it through any broker that connects to Chi-X and becomes an accredited partner,” said Tony Mackay, Managing Director of Instinet Chi-X Limited. “We strive to provide market participants with an attractive alternative to trading on the incumbent exchanges, and it is also our intention to make offers of equity ownership to selected participants.”

“Going live with Chi-X is a landmark moment for us, and we look forward to soon offering our central counterparty services to more European markets,” commented Jan Bart de Boer, Global Director Brokerage, Clearing & Custody at Fortis on the introduction of trading, clearing and settlement in these first stocks. “We believe we will see a number of MTF initiatives in Europe with MiFID as a catalyst, and have created the ‘European Multilateral Clearing Facility’ (EMCF) to offer such MTFs an efficient and cost-effective pan-European central counterparty. Our clients have been asking for this, and to date the incumbents have been either unwilling or unable to provide such a service, so we jumped in.”

Chi-X also announced today that Credit Suisse’s Advanced Execution Services (AES) trading desk has successfully begun routing orders to Chi-X. “We are thrilled to offer our clients the opportunities that a radical new service like Chi-X presents,” said Richard Balarkas, Managing Director and Head of AES Sales at Credit Suisse. “We are confident that increased competition between exchanges and other venues will deliver improved execution performance and, ultimately, returns to our clients.”

Additionally, as part of Chi-X’s open access and non-exclusive model, Chi-X today announced that BNP Paribas Securities Services has been approved as a “general clearing participant.” BNP Paribas’s participation will offer trading participants a choice of access provider and at competitive prices

“It was a natural move for us to be involved in Chi-X. It is a sign of our commitment to be the leading provider of clearing services for any trading venues, and it also enables our clients to take advantage of new trading opportunities resulting from MiFID” said Patrick Colle, Head of Product – Clearing, Settlement and Custody, at BNP Paribas Securities Services.


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