Chi-X Europe, an emerging equity trading system which has this year started taking trading volume from the region's top exchanges, has won the right to challenge them for their trade reporting revenues.

Chi-X has been awarded regulatory approval to handle trade reporting for orders executed on the Chi-X system and over-the-counter between brokers. It has received Trade Data Monitor status by the UK regulator, the Financial Services Authority, enabling it to challenge the incumbent services from Europe's stock exchanges.