Chi-East Announces Plans to Unwind Operations
“Unfortunately, the launch of Chi-East directly corresponded with a period of slower market volumes globally. Although trading volumes were improving, they were still short of expectations. Due to commercial considerations and expectations of continued relatively weak business prospects, the shareholders have mutually agreed to cease operations of Chi-East. I would like to thank SGX and Chi-X Global, the clients and vendors who connected to us, the staff of Chi-East and all who put time, effort and financial resources towards Chi-East. I hope that even though ultimately Chi-East has not proven a commercial success we have had a positive impact on the growth of alternative trading venues in Asia. ” said Mr Ned Phillips, CEO of Chi-East.