Chi X opens its trading doors

Post on: 2011-11-02 By: admin

THE Australian Securities Exchange's 21-year monopoly on share trading is over after cheaper rival Chi-X quietly opened for business.
There were more than 800 trades on its first day, worth more than $5 million, Chi-X Australia chief operating officer Peter Fowler told reporters after the market closed today.That compares with $4.47 billion worth of trading on the Australian Securities Exchange (ASX).``All trading participants have been active today and executed at least one trade, some of them certainly put through tens of thousands of orders,'' he told reporters.Trading also occurred in all eight listed securities, including BHP Billiton, QBE Insurance, Woolworths and Leighton Holdings.A total of 24 brokers have registered to trade on the new market, including major firms such as Commonwealth Securities and Goldman Sachs.
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ASX halt highlights Chi-X launch
THE four-hour interruption of trade on the Australian Securities Exchange (ASX) this week has drawn attention to the pending launch of alternative market, Chi-X.
End of sidebar. Return to start of sidebar.

Chi-X, which is owned indirectly by Japanese giant Nomura, is offering a `maker-taker' pricing structure that is 40 per cent below the standard trading fee charged by the ASX.ASX had cut its fees in half in preparation for Chi-X.The rival exchange will operate in a trial mode for the first six days until Monday next week.If all goes well, it would then trade in the top 200 stocks and exchange-traded funds, meaning 250 securities in total, Mr Fowler said.Chi-X makes its debut after the ASX suffered a four-hour shutdown on Thursday due to a technical glitch.Chi-X hopes that as well as lower fees, part of its appeal will be superior technology.It's parent exchange has already attracted significant market share abroad, including 20 per cent in Europe, 50 per cent in the UK and nine per cent of Canada.
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