• Text Size
  • Contrast
  • 2011/06/24
  • 3 min
  • 0

Chi-X faces its first real outage in four years. Details on European regulation calendar.

Crédit Agricole Cheuvreux publishes its May Market Indicators, produced in conjunction with TAG. Lit volumes went back up in May, mainly to the benefit of primary markets and contrary to dark ones. Derivatives are arousing lust more than ever. Chi-X faced up to half-hour outages, on 23 May and on 13 June. The regulation calendar is now more precise.

Key points:

  • Chi-X faced an outage on 23 May morning and only started trading at 8:28am (UK time). BATS and Turquoise had slightly better performances than usual during these 28 minutes, but the LSE kept a significant part of trading.
  • Chi-X recovered the 32% threshold in 22 minutes, whereas it usually reaches it in 8 minutes.
  • LAST WEEK'S NEWS: Chi-X faced two more outages: for a half-hour starting at 9:45am on 13 June and for 13 minutes at the end of 15 June.
  • BREAKING NEWS: NYSE Euronext also faced an outage on 20 June and started trading at 10:00am. A further examination of these 3 pauses will be available in June's Market Indicators.

Future trends

  • It was confirmed that Markus Ferber has been appointed as rapporteur for the review of MiFID. He pointed out the importance of OTC and non-regulated dark trading for the regulator, and added that he doubted the new OTF category would necessarily be positive.
  • His conclusions will be presented to the ECON (European Parliament's Economic and Monetary Affairs Committee) and will contribute to the drawing up of a final text to be studied in the autumn at the earliest, which would lead to a vote in early 2012.
  • News from the derivatives front On 6 June, Turquoise Derivatives launched futures on the FTSE 100, while the US exchange CME is to launch derivatives on Euribor to compete with Liffe.
    In early June, SIX Group confirmed selling its 50% stake in the derivatives exchange Eurex back to Deutsche Börse. Given that NYSE Euronext operates the Liffe derivatives exchange, this buyout seems to strengthen the two soon-to-be combined groups' presence in derivatives.

May Figures

  • Trading volumes on European Local Main Indices (LMIs) recovered in May (+20%), after falling in April.
  • This increase affected every venue, but especially primary markets, whose market shares increased vs. April. New introductions on the LSE contributed to this rise, in conjunction with the rebalancing of MSCI indices on 31 May, and dividends, which funds often reinvest in shares.
  • On the contrary, Chi-X showed overall decreasing numbers.
  • Unlike lit volumes, dark (mid-point type) volumes fell sharply (-18% on a daily basis), and were back to March levels (2.21% of lit turnover).
Chi-X faced an outage on 23 May morning and only started trading at 8:28am (UK time). BATS and Turquoise had slightly better performances than usual during these 28 minutes, but the LSE kept a significant part of trading. Chi-X recovered the 32% threshold in 22 minutes, whereas it usually reaches it in 8 minutes. LAST WEEK'S NEWS: Chi-X faced two more outages: for a half-hour starting at 9:45am on 13 June and for 13 minutes at the end of 15 June. BREAKING NEWS: NYSE Euronext also faced an outage on 20 June and started trading at 10:00am. A further examination of these 3 pauses will be available in June's Market Indicators.

Follow info