Chi-X opens for trading in Australia
2 November 2011
Australia’s financial markets have embraced competition as Chi-X launched its alternative trading system on 31 October 2011.
Chi-X commenced its Australian operations with a soft launch this week following confirmation from the Australian Securities and Investments Commission (ASIC) that the company had met its licence preconditions to trade in the Australian market.
In its first week Chi-X Australia, a subsidiary of US-based Chi-X Global, will trade just six company securities and two Exchange Traded Funds (ETFs). Following the completion of at least two trading cycles, Chi-X will be the first to compete with the Australian Securities Exchange (ASX) trading across the Australian marketplace.
Chief Operating Officer of Chi-X Australia, Peter Fowler, said the competition will reinvigorate the Australian market.
“The government’s decision to allow competition has already provided benefits, and we expect that these benefits will continue to flow to the investment community once our marketplace is fully operational.”
According to ASIC, Australia’s new regulatory framework for a multimarket environment means the industry is now ready for competition.
“ASIC will continue to work with market operators Chi-X and ASX, as well as the broader industry, to ensure a smooth and orderly transition to maintain fair and efficient markets.”
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