Former Australian Securities Exchange (ASX) North American
regional manager David Mitchell has switched sides, joining newly-launched
alternate venue Chi-X Australia as the new platform moves to enlist more
Mitchell has 17 years in financial markets experience, with roles
such as international clearing supervisor at Deutsche Bank and treasury
operations officer at the Industrial Bank of Japan. He comes to Chi-X Australia
as business development manager.
“David Mitchell has both valuable international experience
and an ingrained knowledge of the Australian market,” said Peter Fowler, chief
operating officer of Chi-X Australia. “David shares our philosophy of
client-driven innovation and adapting to meet the needs of the Australian trading
Chi-X Australia, owned by Chi-X Global, is in the process of
building scale and presence in Australian cash equities after launching in the
country three months ago.
“The early benefits of competition to the Australian
financial services sector have been exciting,” said Mitchell. “I am looking
forward to building on the positive relationships Chi-X Australia has
established with trading participants, investors, government and regulators.”
Since launch on 31 October, volumes have been relatively low
at the venue, under 2% of total market volumes most days. However, low volumes
had always been expected ahead of the southern hemisphere summer, which is traditionally
quiet in Australia.
The venue operator said it had noticed increased broker dark
pool activity off the back of the release
of Bank of America Merrill Lynch’s smart order router in the market and the pending launch of Goldman Sachs’ Sigma X in Australia.