Ned Phillips has resigned from his position as CEO of BlocSec, a non-displayed trading platform owned by pan-Asian broker CLSA. Christian Chan, director of electronic execution services at CLSA and director of sales at BlocSec, will assume management of the firm’s dark pool initiatives, and will report to Michael Alexander, group head of sales and sales trading at CLSA.
Chan joined CLSA in September from agency broker Instinet, where he was head of electronic trading for the Asia-Pacific operation. Part of his remit on joining CLSA and BlocSec was to boost liquidity on the dark pool and build client relationships.
BlocSec, which is open to both the buy- and sell-side launched in Singapore and Japan in May 2008 and subsequently launched in Hong Kong in August 2008 and Australia in July 2009. The platform has average daily liquidity flow over US$ 77 million and the average cross size is US$1.04 million.
BlocSec currently has a minimum order size of US$250,000, which it revised down from US$1 million in May in response to falling block sizes in the Asia-Pacific region.