By Edgar Ortega and Nandini Sukumar
Feb. 26 (Bloomberg) -- Chi-X Europe Ltd. Chief Executive Officer Peter Randall is resigning after three years in charge of the stock-trading platform, which faces growing competition, according to two people familiar with the matter.
A departure date hasn’t been set and a replacement hasn’t been identified, said the people, who declined to be identified because the discussions are private. London-based Chi-X is Europe’s fourth-largest equity market after winning business from London Stock Exchange Group Plc, Deutsche Boerse AG and NYSE Euronext.
Chi-X faces heightened competition from new firms that also offer low fees to capitalize on the growth of computer-driven trading strategies. The six-month-old Turquoise system has captured more business than Chi-X during certain times of the day, while Kansas City, Missouri-based Bats Exchange Inc. says it will be “aggressive” in winning at least a 10 percent share of the European market.
Chi-X, a unit of Nomura Holdings Inc.’s Instinet LLC, handled 10 percent of the total value of shares traded in Europe last month, compared with Turquoise’s 5.5 percent and Bats’s 1 percent, according to data compiled by Bats. Deutsche Boerse handles 15 percent of the value traded, while the LSE and NYSE Euronext execute more than 20 percent.
Julia Streets, a Chi-X spokeswoman at Streets Consulting Ltd., declined to comment, as did Instinet’s Mark Dowd. Randall’s departure was first reported by the Financial Times.
Chi-X is seeking regulatory approval to expand in Asia with electronic equity markets in Australia, Singapore, Hong Kong and Japan. The firm also handles an average of 6 million shares a day in Canada, where it started trading in September, according to data on its Web site.
To contact the reporters on this story: Edgar Ortega in New York at ebarrales@bloomberg.net; Nandini Sukumar in London at nsukumar@bloomberg.net.
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