Chi-X Begins Operating in Japan
July 29, 2010
Chi-X Japan opened for business Thursday.
The electronic trading venue operated by a Japanese subsidiary of Chi-X Global began trading in five very liquid, large stocks.
The debut came with one business day to spare on Chi-X Global’s announced plan to open its first Asian operating platform by the end of July.
Chi-X Japan intends to begin trading in all stocks in the Nikkei 225 index in its first few weeks of operation and expand to 800 stocks by September. The 800 stocks will constitute 95 percent of the first grade of the best capitalized issues in the Tokyo Stock Exchange, Chi-X Global said.
The first day’s operations “went smoothly,” said Joseph Meyer, representative director for Chi-X Japan.
He said the high-speed platform was getting a “strong response” from brokers, traders and investors.
Chi-X Japan is operated for registered broker-dealers in Japan. Trades are cleared through the Japan Securities Clearing Corporation (JSCC).
Chi-X Japan operates from 8 a.m. to 4 p.m., using a continuous matching model and maker/taker pricing.
Chi-X Global operates Chi-X Canada and plans to soon launch another Asian venue called Chi-East. Chi-East is a joint venture of Chi-X Global and the Singapore Exchange Limited. The venture is expected to be Asia’s first exchange-backed dark pool.
Chi-X Global is a subsidiary of electronic trading pioneer Instinet Incorporated, which in turn is the largest and founding shareholder of Chi-X Europe.
Instinet is a wholly-owned subsidiary of Nomura Holdings, Inc. of Japan.
