Chi-X Australia to rival the ASX

Submitted by Share Trading on 28 October, 2010 - 10:01

Chi-X is poised to rival the Australian Securities Exchange (ASX:ASX), providing a low cost alternative to the traditional trading model provided by the ASX. Chi-X is a global provider of market infrastructure technologies and trading venues, is preparing to introduce its high-speed, low-cost, intelligent trading model to the Australian market.

The stockmarket platform alternative has won preliminary approval to become a competitor to Australian stock exchange operator ASX is working to start its trading operations by March 2011. The company is waiting for approval from ASIC (Australian Securities and Investments Commission). Chi-X Australia Pty Ltd's Chief Executive Officer is Peter Fowler and Ronald Gould is CEO of Chi-X Asia-Pacific. Gould has said that: "Having secured in-principle approval for an Australian market license, Chi-X Australia intends to launch a low cost, high speed, intelligent trading platform that is based on a model that has captured support from both investors and regulators by providing lower trading costs, increased overall market liquidity, and thus, improved trade execution quality for investors".

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