Chi-East to launch non-displayed trading venue
First Published 1st January 1970
Chi-East receives regulatory approval to launch independent, pan-Asian, non-displayed trading venue
Ned Phillips, CEO, Chi-East: "We have already had tremendous support from our potential participants and we look forward to successfully growing this business."
Chi-East, a joint venture of Chi-X® Global Inc. and Singapore Exchange Limited (SGX), has announced that it has obtained approval from the Monetary Authority of Singapore (MAS) to become a Recognised Market Operator (RMO). Trading is expected to begin in the fourth quarter of 2010.
Chi-East is an independent, non-displayed trading venue for select securities listed in Australia, Hong Kong, Japan and Singapore. Following its launch, Chi-East expects that participants trading on the platform will be able to provide their clients with better execution options, including reduced market impact, tighter spreads, low latency as well as cost-efficient clearing and settlement processes. As an independent liquidity aggregator, Chi-East will also allow sellside firms to access deeper liquidity by crossing their internalised trade flows with each other.
Ned Phillips, CEO of Chi-East, commented: "We are delighted that Chi-East has received regulatory approval to launch Asia's first exchange-backed, non-displayed trading venue in Singapore. By offering a cost-efficient execution venue combined with efficient clearing and settlement processes, Chi-East should deliver lower trading costs to both our clients and their end investors. We have already had tremendous support from our potential participants and we look forward to successfully growing this business."
Fumiki Kondo, Chairman of Chi-X Global, said: "Based on our experience in other markets, we expect the launch of Chi-East, as a pan-Asian platform, to complement existing marketplaces by supporting a more liquid trading environment in Asia. Over time, we believe this will attract new investors to the region."
Gan Seow Ann, Chairman of Chi-East and President of Singapore Exchange, said, "Chi-East will play a key role in enhancing the trading infrastructure in this region, thereby stimulating trade flows and deepening liquidity. Singapore Exchange is proud to be part of this innovative venture for our customers."