Chi-X Australia Set for October 31 Launch Following ASIC Confirmation
Chi-X Global Inc. confirmed October 17 that its Chi-X Australia Pty. Ltd. subsidiary will commence operations on Monday 31 October 2011 following today’s notice from the Australian Securities & Investments Commission (ASIC) that all preconditions in the Chi-X market licence have been fulfilled.
Commenting on the upcoming launch, Tal Cohen, Chief Executive Officer of Chi-X Global, said, “We commend the work of the Australian government and regulatory agencies that have worked tirelessly with Chi-X Australia and the industry to achieve this result.”
Extensive testing of systems and procedures has been conducted by Chi-X Australia, market participants and suppliers. An independent consultancy, The Pitt Crew, confirmed in a report provided to ASIC that all of Chi-X Australia’s market participants had attested they were ready, and that all necessary testing was completed.
Chi-X Australia will commence operations on 31 October with a “soft launch,” which will permit trading in eight securities. Upon satisfactory completion of the soft launch phase, trading will be permitted in all S&P/ASX 200 component securities and ASX-listed ETFs.
Chi-X Australia has received applications from a substantial number of brokers seeking to become trading participants, including the 22 that intend to trade at market launch. Chi-X Australia expects to announce further details concerning these applicants in the coming days.
Peter Fowler, Chief Operating Officer of Chi-X Australia, commented, “We are encouraged by the strong industry support we have received as we’ve prepared for our launch. The government’s decision to allow competition has already provided benefits, and we expect that these benefits will continue to flow to the investment community once our marketplace is fully operational.
He continued, “We would like to thank our new trading participants, vendors and the regulators for their co-operation and support in what has been a rigorous and extensive preparation process. We are excited to now shift our focus to providing our trading participants with industry-leading trading services and first-class customer support.”