Transcript Slide 1

Swedish Securities Dealers Association
8th October 2008
European Order Book Volumes
Value of Equity trading, August 2008
Exchange / MTF
Order Book Trades
Order Book Turnover €
1
Euronext
12,466,223
163,063,000,000
2
London Stock Exchange
12,751,289
154,305,800,000
3
Deutsche Borse
6,623,281
122,431,500,000
4
Chi-X Europe
7,319,096
68,023,864,873
5
Spanish Exchanges (BME)
2,120,080
67,189,600,000
6
SWX Europe
2,288,316
54,098,900,000
7
Borsa Italiana
4,015,200
51,012,500,000
8
OMX Nordic Exchange
3,179,678
47,729,200,000
9
Oslo Bors
864,435
15,912,200,000
10
Wiener Borse
412,871
4,925,100,000
11
SWX Swiss Exchange
452,316
3,691,800,000
12
Athens Stock Exchange
437,653
2,988,500,000
13
Warsaw Stock Exchange
580,162
2,891,400,000
14
Budapest Stock Exchange
97,830
1,362,700,000
15
Prague Stock Exchange
27,444
1,324,900,000
Figures sourced from FESE, Chi-X Europe figures inserted for comparison
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Progress to date – Monthly trading trend
analysis
Chi-X Gross Consideration (EUR billions )
€ 120
104.70
€ 100
€ 80
73.55
68.02
€ 60
52.97
40.65 38.89
€ 40
33.41
21.28 19.49
€ 20
4.51
4.78
Jul-07
Aug-07
10.92
13.86 12.72
8.03
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Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
€0
Average Consideration per Day (EUR)
Chi-X average per day, September 2008: EUR 4,765,386,727
Chi-X average per day, August 2008: EUR 3,236,737,537
An increase of EUR 1,528,649,190 or 47.23%
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2007-06
49,976,672
2007-07
205,003,261
2007-08
207,808,179
2007-09
545,913,491
2007-10
602,547,993
2007-11
578,324,251
2007-12
382,495,976
2008-01
967,431,737
2008-02
928,229,360
2008-03
1,758,658,931
2008-04
1,848,500,163
2008-05
1,769,226,182
2008-06
2,522,784,909
2008-07
3,199,725,397
2008-08
3,236,737,537
2008-09
4,765,386,727
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Connectivity Options
Client
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Layer
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Chi-X Equinix Suite
Order entry
Co-lo
1.4 - 2 ms
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+/- 3ms
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Quotes
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Trading fees on Chi-X
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0.30bps
Passive execution rebate
0.20bps
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Aggressive execution
Order hits Chi-X order book and immediately results in execution
Passive execution
Order is placed on Chi-X order book and executed as a result of being hit by an incoming order
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EMCF Clearing Fees
EMCF has introduced further fee cuts with effect from 1st August 2008
All clearing fees are stated in Euros
Market
Initial fees
1 October
2007
1 March
2008
1 May
2008
1 July
2008
1 August
2008
Overall
difference
Netherlands
0.30
0.28
0.19
0.14
0.10
0.05
-83.3%
Germany
0.25+0.075 bp
0.20+0.075 bp
0.19
0.14
0.10
0.05
-80.0%
UK
0.18
0.17
0.15
0.12
0.10
0.05
-72.2%
France
n/a
0.28
0.19
0.14
0.10
0.05
-82.1%
Switzerland
n/a
n/a
0.10
0.08
0.08
0.05
-50.0%
Scandinavia
n/a
n/a
0.19
0.14
0.10
0.05
-73.7%
Internal / Self
0.03
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European Roadmap
Live Markets & Future Launch Dates
Germany
30th March 2007
Netherlands
30th March 2007
UK
France
Norway
20th June 2008
Denmark
20th June 2008
Belgium
4th July 2008
Austria
8th August 2008
Italy
13th October 2008
29th June 2007
28th September 2007
Switzerland
23rd November 2007
Sweden
14th March 2008
Finland
4th April 2008
Spain
Portugal
Ireland
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To Be Announced
Basis Points Savings on Chi-X
Month
% of trade better than the
spread
Price Improvement
(BPS)
Sep 2008
44%
3.19
Aug 2008
40%
2.61
July 2008
41%
2.66
June 2008
36%
2.37
May 2008
34%
2.00
Apr 2008
37%
1.95
Mar 2008
45%
2.76
Feb 2008
48%
2.66
Jan 2008
53%
2.89
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Nordic Basis Points Savings on Chi-X
Price Improvement (bps) per market
Month
Finland
Sweden
Norway
Denmark
August 2008
7.55
7.35
5.75
6.04
July 2008
7.71
9.78
8.61
7.40
June 2008
6.05
8.11
3.41
7.02
May 2008
3.81
5.60
n/a
n/a
Apr 2008
7.11
5.28
n/a
n/a
Mar 2008
12.69
5.48
n/a
n/a
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Where to find the best market
Bloomberg has developed a consolidated Market Depth Monitor (MDM) that displays the
consolidated level 2 data from each market. It will help you achieve a better result for your client
<CONSOLIDATED TICKER> EQUITY MDM <GO>
Edit the default settings here
e.g. RBS EU
This is the
exchange
identifier
Executed
trades are
displayed here
The volume
distribution is
displayed here
Choose the venues that you want to monitor here
You must have access to real-time data
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Fast Track: How to get connected to Chi-X
3 Streams:
Legal & Compliance
Complete application documents that can be found on our web site www.chi-x.com
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conforms with the Chi-X technical specification. A full Chi-X test platform is available
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Clearing & Settlement
You will require your General Clearing Member to be connected to EMCF CCP.
For detailed information please contact the Chi-X Director of Clearing & Settlement,
[email protected] who will assist you in this process
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©2008 Chi-X Europe Ltd (“Chi-X”). All rights reserved. Chi-X is a registered mark. Chi-X
Europe Limited is authorised and regulated by the Financial Services Authority. Chi-X
Europe Limited is a majority owned subsidiary of Instinet Incorporated.
This information is provided for informational purposes only. It does not take into account
the particular investment objectives, financial situation, or needs of any individual or entity.
Under no circumstances is it to be used or considered as an offer to purchase or sell any
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contains correct sequencing of information; (ii) makes any warranties with regard to the
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System response times may vary for a number of reasons including market conditions,
trading volumes and system performance.
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