|Thursday, 11 November 2010, 12:30 HKT/SGT|
SINGAPORE, Nov 11, 2010 - (ACN Newswire) - Chi-East, the independent pan-Asian trading platform, announced today that it has commenced operations to support the non-displayed trading of Asian securities.
"As Asia's first independent liquidity aggregator, we look forward to offering participants and their clients deeper liquidity and the opportunity to minimize market impact," said Ned Phillips, CEO of Chi-East. "We believe we will complement the existing marketplace and support a more dynamic trading environment in Asia."
He continued: "Chi-East represents a number of 'firsts' for Asia, including the introduction of the first Central Counterparty Clearing (CCP) model for selected securities, as well as the first pan-Asian liquidity aggregator focusing on brokers and high frequency clients."
Gan Seow Ann, Chairman of Chi-East and President of Singapore Exchange (SGX), said, "With this launch, Chi-East is leading the way in introducing innovative trading platforms to the region. This reinforces our strategy of attracting new types of market participants and catering for the changing demands of our customers."
Fumiki Kondo, Chairman of Chi-X Global, said: "Chi-East's launch closely follows the successful launch of Chi-X Japan earlier this year and the continued momentum of Chi-X Canada. As Chi-X continues to execute on its business model globally, we bring even greater benefits to the global investment community through our proven technology platform and intelligent trading model."
Chi-East's state-of-the art trading platform offers participants the ability to trade anonymously on a low latency basis. It is also committed to providing full post-trade price and volume transparency through public data providers such as Bloomberg, Thomson Reuters, Sungard and Fidessa. Key sell-side brokers already committed to participating on Chi-East include Instinet, Deutsche Bank, Morgan Stanley, Nomura and UBS.
Zach Tuckwell, Head of Electronic Execution and Program Distribution in Asia at Morgan Stanley, said, "We are proud to support and participate in the launch of Chi-East. We believe it will stimulate liquidity in the region and provide additional execution opportunities for participants. We look forward to providing access to clients interested in trading on this innovative new trading venue."
Chi-East is a joint venture between Chi-X(R) Global Inc. and SGX and is regulated as a Recognised Market Operator (RMO) by the Monetary Authority of Singapore.
* CHI-X and INSTINET are registered trademarks in jurisdictions around the world.
Chi-East is an independent, non-displayed liquidity aggregator for the sell-side which supports the anonymous trading of select securities listed in Hong Kong, Japan and Singapore. It will soon support securities listed in Australia. It offers its clients a range of solutions for executing block transactions with price improvement, including mid-point pricing, low latency and, through LCH.Clearnet, cost-efficient clearing and settlement processes. Based in Singapore, Chi-East is a joint-venture between Chi-X Global and Singapore Exchange. For more information, please visit Chi-East website: www.chi-east.com
About Chi-X(R) Global
Chi-X Global is driven to be an industry leader in operating trading venues and generating innovative products and services for the benefit of the financial markets and the global trading community. The company believes that competition from technology-driven markets increases overall market volumes and improves investor performance, providing benefits to all participants.
Chi-X Global is a subsidiary of electronic trading pioneer Instinet Incorporated, a wholly-owned subsidiary of Nomura Holdings, Inc. Chi-X Global operates Chi-X Canada, Chi-X Japan, Chi-East (a 50:50 joint venture with the Singapore Exchange), Chi-FX and the Chi-Tech technology services unit. Chi-X Australia plans to launch its market later this year.
About Singapore Exchange
Singapore Exchange (SGX) is the Asian Gateway, connecting investors in search of Asian growth to corporate issuers in search of global capital. SGX offers its clients Asia's broadest span of equity index derivatives, uniquely centred on Asia's three largest economies - China, India and Japan. SGX represents the premier access point for managing Asian capital and investment exposure, and is Asia's most internationalised exchange with more than 40% of companies listed on SGX originating outside of Singapore.
In addition to offering a fully integrated value chain from trading and clearing, to settlement and depository services, SGX is also Asia's pioneering central clearinghouse. Headquartered in Asia's most globalised city, and centred within the AAA strength and stability of Singapore's island nation, SGX is a peerless Asian counterparty for the clearing of financial and commodity products. For more information, please visit www.sgx.com
About Singapore Exchange (SGX)
Singapore Exchange (SGX) is the Asian Gateway, connecting investors in search of Asian growth to corporate issuers in search of global capital. SGX represents the premier access point for managing Asian capital and investment exposure, and is Asia's most international exchange with about 40% of companies listed on SGX originating outside of Singapore. SGX offers its clients the world's biggest offshore market for Asian equity index futures, centred on Asia's three largest economies - China, India and Japan.
In addition to offering a fully integrated value chain from trading and clearing, to settlement and depository services, SGX is also Asia's pioneering central clearing house. Headquartered in Asia's most globalised city, and centred within the AAA strength and stability of Singapore's island nation, SGX is a leading Asian counterparty for the clearing of financial and commodity products. For more information, please visit www.sgx.com.
College Hill for Chi-East
Tel: +852 3791 2289
E-mail: [email protected]
College Hill for Chi-East
Tel: +852 3791 2032
E-mail: [email protected]
Nov 11, 2010 12:30 HKT/SGT
Topic: New Service
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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