Chi-X Global, a trading venue operator and exchange technology provider, has confirmed that chief executive John Lowrey has taken a new role, with his position being filled by Tal Cohen, previously head of Chi-X Americas.
Lowry will become head of MarketPrizm, Chi-X Global's pan-European trading venue connectivity network and managed infrastructure service.
“Tal possesses an incredibly deep understanding of global market structure and the technology necessary to power today's advanced marketplaces,” said Fumiki Kondo, chairman of Chi-X Global. “That skill set, combined with his experience running our Americas business, which includes the profitable Chi-X Canada, makes him the ideal leader of Chi-X Global as we concentrate on the development of our market center businesses.”
Kondo added, “We are also excited that John will be able to focus his energies and talents on growing the MarketPrizm business, which John largely architected and for which we have high hopes.”
Lowrey, who previously worked at Lehman Brothers as European head of electronic trading, was appointed CEO of Chi-X Global in March 2009, replacing Tony Mackay who has since become chairman emeritus of the firm. Lowrey has also held positions at Goldman Sachs and George Weiss Associates.
Upon joining Chi-X Global, Lowrey was charged with leading the company's expansion into Asia. Since then, the firm has launched proprietary trading system Chi-X Japan and is gearing up to go live with Chi-East, a joint venture with the Singapore Exchange that will be Asia's first exchange-backed dark pool in Q4 this year, subject to regulatory approval.
Following recent regulatory changes in Australia that allow alternative trading venues to challenge in the incumbent Australian Securities Exchange, Chi-X Global is also expected to launch Chi-X Australia, in Q1 2011. In its first full month of trading in August, Chi-X Japan traded US$7.73 million of equities.
Cohen has served as CEO of Chi-X Canada since its 2008 launch and was named CEO of Chi-X Global's Americas business, which also includes its FX joint venture with BM&F Bovespa, in 2009. Previously, he spent ten years in senior roles at agency broker Instinet, including head of Instinet Canada.
Chi-X Global is a subsidiary of Instinet, a wholly-owned subsidiary of Nomura Holdings. The firm operates Chi-X Canada, Chi-X Japan and the Chi-Tech technology product and services unit. Chi-X Europe is owned by a consortium of financial institutions, including Instinet, and is operated independently.