Chi-X Global Holdings, LLC

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Chi-X Global Inc.
Chi-XGlobal.jpg
Founded February 2008
Headquarters New York
Key People Chairman Tony MacKay, CEO John Lowrey
Website http://www.instinet.com/includes/index.jsp?thePage=/AboutInstinet/aboutInstinet.html

Chi-X Global is the parent company of several regional Chi-X electronic trading platforms around the world, including Chi-X Canada and Chi-X Japan as well as the proposed Chi-X Australia plus trading-technology provider Chi-X Global Technologies. Chi-X Global was launched in 2008 by parent company Instinet as a competitor to traditional trading venues like the NYSE and will launch the Chi-East with the Singapore Exchange later in 2010. Chi-X Europe, by contrast, operates as a separate entity and is not part of the Chi-X Global group.

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Backgound

Global agency brokerage group Instinet plus a minority-stake consortium of 13 investment banks started Chi-X Global in early February 2008 following the success of Chi-X Europe in the year since its launch in March 2007.[1]Chi-X Global has since added Chi-X Canada and Chi-X Japan and plans to add Chi-X Australia to the group as well as a joint venture with the Singapore Exchange. The group provides multi-lateral trading platforms (MTFs) trading at higher speed and lower cost compared to traditional stock exchanges like NYSE Euronext and Deutsche Boerse.

Chi-X Global also announced in early June 2010 that it had teamed up with Brazilian exchange BM&FBOVESPA to create Chi-FX Brazil to serve the foreign exchange market in Brazil.[2] The joint venture requires Chi-X Global to develop and support the trading platform and BM&FBOVESPA to market the service and provide support to its customers. Chi-X Global Technology is the technology services unit of Chi-X Global and provides trading infrastructure and services to financial markets.

Key people

Chi-X Global announced in March 2009 that former CEO Tony Mackay had been appointed Chairman while John Lowrey would succeed him as the group's new CEO.

History

Chi-X Global announced July 6, 2010 that its Japanese subsidiary Chi-X Japan Limited would begin trading Japanese securities on its trading platform beginning July 29, 2010 after approval from Japan's Financial Services Agency (FSA).[3] Chi-X Japan now holds a proprietary trading system (PTS) licence from the FSA and will clear all its trades with the Japan Securities Clearing Corporation. Trading on Chi-X Japan will at first be confined to a few selected securities but will eventually widen to include all Nikkei 225 Index stocks.

On July 29, 2010, the exchange announced that trading commenced on five large liquidity stocks. The exhange targeted September for a milestone of trading approximately 800 stocks, or 95% of the first section of Tokyo Stock Exchange’s capitalization. The exchange also said in late July that more trading participants will be connected to the Chi-X Japan platform in a staged process over coming weeks.[4]

References

  1. Instinet's Chi-X Global to challenge exchanges. Reuters.
  2. Chi-X Global and BM&FBOVESPA Team to Streamline International Trading into Brazil. BusinessWire.
  3. Chi-X Japan Receives Launch Approval. BusinessWire.
  4. Press Release. Chi-X Global.