Chi-X Welcomes Australian Market Licence Approval
Chi-X Australia welcomed the announcement by Deputy Prime Minister and Treasurer, The Hon Wayne Swan MP, and Assistant Treasurer and Minister for Financial Services & Superannuation, The Hon Bill Shorten MP, that it has been granted an Australian market licence. The announcement follows Friday’s issuance by ASIC (Australian Securities & Investments Commission) of the new regulatory framework for competition that supports Chi-X Australia’s plan to launch in the fourth quarter of this year.
Commenting on the licence approval, Peter Fowler, Chief Operating Officer of Chi-X Australia, said: “This is a significant milestone in the ongoing development and growth of Australia’s financial markets and Chi-X is delighted to have played an active role in shaping the new regulatory environment, which is expected to drive long-term benefits for the industry as a whole. By leveraging our experience and proven technology, we believe that Chi-X will provide both existing and new market participants greater choice and flexibility. We look forward to launching the market later this year.”
Mr. Fowler continued: “We are pleased by the Government’s decision and the overwhelming support that we have received from market participants. We look forward to working closely with the industry and regulators so that the market has the opportunity to obtain the benefits that competition in a multiple market environment will deliver.”
“We would like to congratulate ASIC and the Government for implementing the new regulatory framework to facilitate competition. We believe that the framework establishes the Australian market as a leader in the Asia-Pacific region and ASIC is now well placed to quickly respond to the rapidly evolving demands of global markets. The Chi-X Australia team looks forward to working with ASIC and contributing to the ongoing development of the regulatory framework,” said Tal Cohen, Chief Executive Officer of Chi-X Global, Inc.