Chi-X Japan, the proprietary trading system (PTS) operated by Chi-X Global, has revealed its trading activity for July 2011, reporting a new market share record in Nikkei 225 stocks.
The PTS, which has now been operational for a year, traded ¥530 billion (US$6.6 billion) in July, a 2.8% increase on June's total of ¥515 billion (US$6.4 billion). This gave Chi-X Japan a 2.79% share of Nikkei 225 trading by value in July, making it the second largest alternative venue in Japan.
However, the number of shares traded on Chi-X Japan declined slightly month-on-month to 730 million in July, from 822 million in June.
“We continue to focus on providing our participants with greater trading efficiencies through the introduction of new features, tools and services, such as the post-only order type we plan to soon roll out,” said Yasuo Hamakake, representative director and CTO of Chi-X Japan.
The introduction of Chi-X Japan in July 2010 has increased the competitive pressure on the Tokyo Stock Exchange (TSE), which despite facing competition from PTSs for a number of years, has consistently retained well over 90% of Japanese stock trading.
In July, the TSE experienced its lowest market share to date, trading 90.23%, or US$292.68 billion, of Japanese stocks, according to Thomson Reuters Equity Market Share Reporter.
SBI Japannext, the PTS owned by Japanese financial services firm SBI Holdings and a number of global brokers, was the largest PTS in July, trading US$6.75 billion.