Chi-X Europe, the region’s third-largest trading venue, plans to distance itself from its former owner Instinet by replacing its chairman Tony Mackay.

Mackay has been the chairman of Chi-X Europe for three years, in which time the firm has grown its market share from zero to 16%. He will step aside in April to be replaced by John Woodman, a former UBS banker who has been working with Chi-X Europe as an independent consultant.

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Research group GfK’s measure of consumer confidence climbed to minus 18 in November’s survey from minus 21 in October.

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Chi-X Europe replaces chairman

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