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Chi-X Europe to Attack Spanish Market With Price Promotion

Chi-X Europe Ltd., the region’s largest alternative trading system, plans a price promotion on six of the most actively traded Spanish stocks, going head to head with Bolsas & Mercados Espanoles SA, the operator of the Iberian Peninsula’s biggest securities exchange.

From October until the end of the year, London-based Chi-X will offer a price promotion on trading, clearing and settling stocks including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s second-largest bank, the company told customers today.

Chi-X Europe was the first alternative trading platform in Europe to compete with traditional exchanges such as London Stock Exchange Group Plc and Deutsche Boerse AG by offering lower fees and faster trading. The company, which has wrested market share from the exchanges, had a record month in August, trading 222.7 billion euros ($314 billion).

Chi-X will boost the rebates it offers on passive orders to 0.3 basis points from 0.2 basis points. The charge for aggressive orders will remain at 0.3 basis points. A basis point is 0.01 percentage point. The company operates on a so-called maker-taker model, offering a rebate to market participants who add liquidity and charging those who remove it.

Customers trading more than 200 million euros per calendar month will have gross central counterparty clearing fees refunded on the six stocks and for settlement with a maximum of two settlements per qualifying security per day, Chi-X said.

“BME is in continuous dialogue with our clients,” spokesman Pablo Malumbres said in an e-mailed comment. “And we work very closely with them to try to provide them with the best services and products.”

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