Chi-FX Brazil begins participant certification process
First Published 17th July 2012
Chi-FX Brazil platform expected to launch in Q4
Tal Cohen, CEO of Chi-X Global
"This is an important milestone for Chi-FX and comes at a time when trading participants globally are looking for greater transparency and trading efficiencies,"
New York - Chi-X Global Holdings LLC has announced that Chi-FX Brazil is now available for participant certification.
The platform, which has been developed via an alliance between Chi-X Global and BM&FBOVESPA, is expected to launch in the fourth quarter.
By leveraging a real-time foreign exchange feed, Chi-FX Brazil will enable registered institutional and retail investors based outside Brazil to trade shares listed on BM&FBOVESPA in their local currency. Traditionally, the foreign exchange leg of off-shore transactions occurred at the end of the trading day; by automating this process and executing it simultaneous to the equity transaction, intraday currency risk is significantly reduced.
"This is an important milestone for Chi-FX and comes at a time when trading participants globally are looking for greater transparency and trading efficiencies," said Tal Cohen, CEO of Chi-X Global. "We are pleased to be working with BVMF and remain focused on bringing new investment opportunities to the region."
"The Chi-FX Brazil platform is an important part of our strategy to create innovative ways to develop Brazil's capital markets," said Andre Demarco, Operations Officer for BM&FBOVESPA. "It has been a great opportunity to partner with Chi-X Global as part of our global initiative"