Chi-X Australia strengthens board ahead of October launch

Chi-X Australia, the alternative trading system operated by Chi-X Global, has appointed David Trude as an independent director.
By None

Chi-X Australia, the alternative trading system operated by Chi-X Global, has appointed David Trude as an independent director.

Trude has three decades of experience in the stockbroking industry, including 10 years as CEO of Credit Suisse in Australia and service as a board member of the Stockbrokers Association of Australia. He remains a consultant to Credit Suisse, is chairman of broker E.L. & C. Baillieu and a panel member of the ASX disciplinary tribunal.

“David Trude brings invaluable market experience gathered over decades spent as a senior figure in the Australian equities trading environment,” said Peter Fowler, chief operating officer, Chi-X Australia.

Chi-X Australia is expected to launch at the end of October. The venue first revealed its intention to launch in February 2008, but has been held up by a series of delays, largely caused by regulatory change required to facilitate the formation of alternative venues in the Australian market.

The issue was finally resolved on 4 May 2011 when Australian Treasurer Wayne Swan granted Chi-X Australia a licence to operate a market, following the issuance of market integrity rules (MIRs) by the Australian Securities and Investments Commission. The MIRs, which provide the framework for trading venue competition, will come into effect from 31 October 2011.

Trading technology provider Fidessa established connectivity to Chi-X Australia in September 2011. Brokers that have confirmed their participation on the venue include 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.

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