Chi-X Australia Marks 1st Year of Operation
Peter Fowler, Chief Executive Officer of Chi-X Australia, said, “Chi-X’s arrival in Australia has come at a time of difficult market conditions for the industry. Notwithstanding these market conditions, Chi-X has made a significant contribution to the local market by reducing the costs of trading, promoting innovation and providing over $2.5 mil in price improvement for both institutional and retail clients”.
“Chi-X has had a solid first year of operation with trading turnover exceeding $17 billion. Our success is testament to the strong support we have received from our 27 trading participants that include many of the largest institutional brokers, retail brokers and market makers in the Australian market. Collectively, they provide a healthy and diverse mix of order flow”.
“It is important that we take this opportunity to thank our customers for their continued support and congratulate them on how well they have adapted to the trading opportunities presented by the new multi markets environment. Our market share continues to trend up, we remain optimistic about the future and we look forward to working with our participants to drive overall market growth in our second year of operation. We will continue to put downward pressure on transaction costs, increase price improvement opportunities for investors and provide the industry with a better way to trade”.
“It is particularly pleasing to note that our first year of operation has been smooth and characterized by an absence of market or system failures. It was important for Chi-X to demonstrate that Australia now has the benefit of an independent alternative market that provides greater resilience in the event of any unexpected market interruption.”
Chi-X Global CEO Tal Cohen said that Chi-X Australia is an important component of Chi-X Global’s worldwide operations, and added, “Chi-X Australia has had excellent support from the industry and achieved impressive growth in market share. Chi-X Global is committed providing the Australian trading community with efficient and cost effective services that continue to reduce their overall cost of trading.”