Clearing & Settlement

Chi-X Europe offers a user driven post trade model for a more efficient European capital market. Chi-X Europe Trading Participants benefit from pre and post trade anonymity, real time risk management, netting and fungibility at the domestic Central Securities Depository (CSD).

By using a Central Counterparty (CCP) as buyer to every seller and seller to every buyer, Trading Participants are able to manage counterparty risk and cost through a CCP.

Since launch, all trades on Chi-X Europe have been novated and guaranteed by European Multilateral Clearing facility N.V (EMCF) and settled at the domestic CSD. Following regulatory approval in January 2012, Chi-X Europe has introduced EuroCCP, LCH.Clearnet Ltd and SIX x-clear AG, to the post trade model, enabling Clearing Participants to be able to choose a CCP per market segment.

Post Trade Model

  • Every Trading Participant requires a Clearing Participant (GCM equivalent) to guarantee trades / credit risk.
  • Every Clearing Participant is required to execute a Clearing Service Agreement with a CCP per market.
  • Every Clearing Participant requires a Settlement Agent at the domestic CSD.
  • The Chi-X Europe market model is designed so that Participants can trade, clear and settle European stocks with minimum disruption and full fungibility in the domestic CSD.
EMCF

Clearing and contact information for EMCF

EuroCCP

Clearing and contact information for EuroCCP

LCH Clearnet Ltd

Clearing and contact information for LCH Clearnet Ltd

SIX x-clear AG

Clearing and contact information for SIX x-clear AG

Clearing Participants

The list of Clearing Participants for Chi-X Europe

Self-Trade Functionality

The option to suppress self-trades from the clearing & settlement process

Dual ISINs

Guide to dual ISINs and stocks traded in more than one market segment

Buy-in Notices

List of Buy-in Notices received from a CCP

Code of conduct

Chi-X Europe is fully supportive and is a signatory to the European code of conduct on clearing and settlement.

Terms Of Use Privacy Statement
© 2012 BATS Global Markets, Inc. - All Rights Reserved

BATS Trading Limited is authorised and regulated by the Financial Services Authority. BATS Trading Limited is an indirect wholly-owned subsidiary of BATS Global Markets, Inc. and is a company registered in England and Wales with Company Number 6547680 and registered office at 10 Lower Thames Street, London EC3R 6AF. Chi-X Europe Limited is authorised and regulated by the Financial Services Authority. Chi-X Europe Limited is a wholly-owned subsidiary of BATS Trading Limited and is a company registered in England and Wales with Company Number 01651728 and registered office at 10 Lower Thames Street, London EC3R 6AF. This Website has been established for information purposes only. None of the information concerning the services or products described on this Website constitutes advice or a recommendation of any product or service. To the extent that the information provided on this Website constitutes a financial promotion as defined by section 21 of the Financial Services and Markets Act 2000, it is only directed at persons who qualify as a Professional Client or Eligible Counterparty. Persons who do not qualify should not act on or rely upon it.