Tuesday, January 31, 2012 6:10:41 AM

Chi-X poaches ASX exec to recruit brokers

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 participants.

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 market.”

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.

Bruce Love +44 (0)20 7397 3818