Chi-East Non-displayed Trading Venue Commences Operations
Announcement posted by ACN Newswire 11 Nov 2010
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.
About Chi-East
Chi-East is an independent, non-displayed liquidity aggregator for the sell-side which supports the anonymous trading of securities in Asia. 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 Inc. is a global provider of market infrastructure technologies and trading venues that aims to provide investors around the world with the most efficient markets possible through its high-speed, low-cost, intelligent trading model. Chi-X Global believes that truly competitive, technology-driven markets benefit all participants in the trading process - investors, brokers and the primary exchanges - by making the market more attractive to the global trading community, which ultimately helps to increase overall market volumes and improve investor performance. 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, the Chi-Tech technology unit and Chi-East, its 50/50 joint venture with Singapore Exchange Limited. Chi-X Europe is owned by a consortium of financial institutions and is operated independently. Chi-X Global's parent company, Instinet, is Chi-X Europe's largest and founding shareholder.
AboutSingapore Exchange (SGX)
Singapore Exchange (SGX) is among the world's largest exchanges and Asia's second largest listed exchange. As the Asian gateway, SGX is the market of choice for investors wanting to participate in Asia's vibrant and rapidly-growing economies, and for Asian issuers seeking international capital.
SGX's extensive suite of securities, derivatives and commodities products makes it Asia's most international exchange. SGX's services range from listings, trading, high-speed market access, clearing and settlement to depository services and Central Counter Party services for OTC traded derivatives. With the region's longest trading hours, and powered by cutting edge technology, SGX is the unparalleled conduit for investment flows into and out of Asia. For more information, please visit SGX website: www.sgx.com.
Contact:
"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.
About Chi-East
Chi-East is an independent, non-displayed liquidity aggregator for the sell-side which supports the anonymous trading of securities in Asia. 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 Inc. is a global provider of market infrastructure technologies and trading venues that aims to provide investors around the world with the most efficient markets possible through its high-speed, low-cost, intelligent trading model. Chi-X Global believes that truly competitive, technology-driven markets benefit all participants in the trading process - investors, brokers and the primary exchanges - by making the market more attractive to the global trading community, which ultimately helps to increase overall market volumes and improve investor performance. 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, the Chi-Tech technology unit and Chi-East, its 50/50 joint venture with Singapore Exchange Limited. Chi-X Europe is owned by a consortium of financial institutions and is operated independently. Chi-X Global's parent company, Instinet, is Chi-X Europe's largest and founding shareholder.
AboutSingapore Exchange (SGX)
Singapore Exchange (SGX) is among the world's largest exchanges and Asia's second largest listed exchange. As the Asian gateway, SGX is the market of choice for investors wanting to participate in Asia's vibrant and rapidly-growing economies, and for Asian issuers seeking international capital.
SGX's extensive suite of securities, derivatives and commodities products makes it Asia's most international exchange. SGX's services range from listings, trading, high-speed market access, clearing and settlement to depository services and Central Counter Party services for OTC traded derivatives. With the region's longest trading hours, and powered by cutting edge technology, SGX is the unparalleled conduit for investment flows into and out of Asia. For more information, please visit SGX website: www.sgx.com.
Contact:
Henry Chow College Hill for Chi-East Tel: +852 3791 2289
E-mail: henry.chow@collegehill.com.hk Matthew Schultz College Hill for Chi-East Tel: +852 3791 2032
E-mail: matthew.schultz@collegehill.com.hk