Chi-X Global’s Japanese subsidiary, Chi-X Japan KK, has begun the process necessary to file a PTS (proprietary trading system) application with the Japan financial services agency (FSA) in anticipation of launching a displayed, alternative equities marketplace by summer 2010.
Once operational, Chi-X Japan expects to clear and settle trades through the Japan Securities Clearing Corporation (JSCC), which earlier this year announced plans to clear and settle PTS trades by July 2010, subject to FSA approval.
Ron Gould, CEO for Chi-X Asia-Pacific, said: “The high-speed, low-cost and intelligent Chi-X trading platforms have significantly reduced costs and improved execution performance for investors in Europe and Canada, and we’re excited by the prospect of bringing the same benefits to investors in Japan.
“At the same time, both platforms have also helped to increase overall liquidity in their respective markets in part by bringing in new investors that didn’t previously participate, and we believe that the same will ultimately be true in Japan.”
Joseph Meyer, chief operating officer for Chi-X Japan and representative director of the Japan market center entity, said: “Between the JSCC’s anticipated move and the expected launch of Tokyo Stock Exchange’s ‘Arrowhead’ trading system early next year, we believe the Japanese equity market is set to enter into an exciting new era.
“This represents a tremendous opportunity for both the TSE and the PTS’, since, as we’ve seen in other markets, competitive, high-speed platforms contribute to efficient trading environments that benefit all participants in the trading process, including investors, brokers and the primary exchanges.”
