UK - Alternative trading platform Chi-X Europe, which aims to compete with established European exchanges, has reached agreement with a consortium of shareholders taking a minority stake in the firm.
The consortium comprises of investment heavy-weights such as BNP Paribas, Citi, Credit Suisse, Fortis, Goldman Sachs, Lehman Brothers, Merrill Lync, Morgan Stanley, Société Générale and UBS.
Other companies in the consortium are the hedge funds Citadel, Getco Europe and the Dutch Optiver.
Under the terms of the agreement, Instinet Europe retains the majority stake in Chi-X Europe Limited, the company announced in a statement today.
Commenting on the equity participation, Tony Mackay, president and managing director of Instinet Europe, said: "That these firms are willing to take an equity stake in Chi-X Europe is a testament to our common vision of a more efficient European equity market resulting from cheaper, faster and smarter trading."
Chi-X, a so-called pan-European equity MTF (multilateral trading facility), currently offers trading in stocks in the leading Dutch, German, UK, French and Swiss equity indices and will continue to expand the universe of eligible stocks in 2008.
If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email email@example.com