Chi-X Japan has announced that it launched a new product, Chi-Match VWAP Cross, on 1 September.
Chi-Match VWAP Cross is offering to participants a broker neutral morning, afternoon and full-day cross at a volume weighted average price. Chi-X Japan’s trading participants are able to access Chi-Match through existing systems.
Trading participant Deutsche Securities, said that there was a lot of demand for a broker-neutral VWAP Cross in Japan and the trading community would benefit from this new source of liquidity.
Chi-X Japan Limited, which accounts for just over 2% of the Nikkei 225’s volume by turnover is a wholly owned subsidiary of market operator Chi-X Global Holdings. That in turn is owned by a consortium of major financial institutions, Chi-X Global operates market centres in Australia, Canada and Japan.