Trading network Chi-X Global has launched its first trading platform in Asia, Chi-X Japan, a proprietary trading system (PTS) offering trading in Tokyo-listed stocks.
The move is the first step in Chi-X Global's plan to set up a network of trading venues across the Asia-Pacific region. Chi-X Japan's first day offered trading on five large liquid stocks only, however the firm plans to increase this to encompass the Nikkei 225 and approximately 800 stocks by September. Chi-X Japan operates from 08:00 to 16:00 Japan standard time. All trades are cleared through the Japan Securities Clearing Corporation.
“Market infrastructure in the region is evolving and improving as the competition for capital and investor's attention continues,” said Ron Gould CEO for Chi-X Asia-Pacific. “We are also seeing best execution practices in trading being emphasised by regulators and governments, investment managers and trustees, customer focused exchanges, and the traders and brokers themselves. Chi-X Global is well placed and committed to contribute and play a critical role in this development and improvement in trading platforms and infrastructure in the Asian region.”
Chi-X Global is also soon expected to launch Chi-East, a joint venture with the Singapore Stock Exchange that aims to be the region's first exchange-backed dark pool. The firm also plans to launch Chi-X Australia, a lit market, in the first quarter of 2011.
Meanwhile, fellow Japanese PTS SBI Japannext Securities has connected to trading technology provider Fidessa's global trading network. SBI Japannext's market data will also be made available via Fidessa's network. Fidessa's network provides connectivity to more than 2,400 buy-side firms and 530 brokers across 130 markets.