Instinet, a securities firm and wholly-owned subsidiary of Nomura Holdings, today announced the formation of Chi-X Global, a holding company for the operations of Chi-X platforms in Europe, Canada and the Asia-Pacific region. Chi-X Global will be led by Tony Mackay as chief executive officer.
Additionally, Instinet today announced its intention to launch Chi-X Australia, an alternative trading system (ATS) based on the same technology and pricing model as Chi-X Europe and the soon-to-launch Chi-X Canada.
“Based on the favorable response from market participants to Chi-X Europe, we feel there exists an excellent opportunity to bring the comparable cost savings and market efficiencies to investors in other markets, thus our formation of Chi-X Global,” say Anthony Abenante and Fumiki Kondo, co-CEOs of Instinet, in a joint statement. “Given his role in developing Chi-X Europe and his deep experience in Europe, Asia and Australia, we feel Mackay is the right choice to lead efforts for Chi-X globally.”
Commenting on the intention to launch Chi-X Australia, Mackay says, “Demand exists from both domestic and non-Australian investors to provide the Australian market with the speed, functionality and cost benefits that an advanced platform like Chi-X offers. We hope that Chi-X Australia will provide a much-needed alternative - and if history in other markets is an indicator, new liquidity - to the Australian marketplace.”
Chi-X Global is currently in the process of applying for the necessary Australian regulatory and legislative approvals, upon which Chi-X Australia’s launch timing is dependent. Once live, Chi-X Australia, like Chi-X Europe and Chi-X Canada, will be designed to provide market participants with low-cost trading through its technology, pricing structure and open, FIX (Financial Information eXchange) Protocol-based architecture.
Mackay joined Instinet in 1995. Throughout his tenure he has served in several positions, including president and managing director, Instinet Asia, and, most recently, president and managing director, Instinet Europe, during which he spearheaded the establishment of Chi-X Europe. Mackay began his stockbroking career in 1980 in Australia, and has worked for both traditional and electronic brokerage firms in Sydney, Hong Kong, London and Tokyo.