Chi-X Australia, a wholly-owned subsidiary of alternative trading venue operator Chi-X Global, has released the names of brokers that intend to participate in its market launch, expected in Q4 2011.
The firms that have confirmed their participation are Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Instinet, ITG, J.P. Morgan, Macquarie, Merrill Lynch, Morgan Stanley, Nomura, Penson, RBC Capital Markets, RBS and UBS.
Chi-X Australia was granted a licence to operate a market on 4 May by Australian Treasurer and Deputy Prime Minister Wayne Swan, following the issuance of market integrity rules (MIRs) by the Australian Securities and Investments Commission (ASIC). The MIRs, which provide the framework for trading venue competition, will come into effect from 31 October 2011.
“As investors look to achieve best execution and benefit from new trading opportunities, we will continue to work closely with participants to ensure a smooth transition to Australia's new multi-market environment,” said Jason Keady, director of market and operations, Chi-X Australia. “Over the next few months we will continue to announce and on-board new trading participants. Our goal is to ensure a timely and organised launch for all participants throughout the 12 month transition window provided under the MIRs.”