Chi-X Global has signed a Memorandum of Understanding with BM&FBOVESPA (BVMF), the Brazilian exchange, to allow foreign investors to execute simultaneous FX transactions when buying and selling stocks in Brazil.
The service is planned to launch in late 2010.
In this joint effort, Chi-X Global will develop and support the platform, and BVMF will market the service to its participants and provide facilities, expertise and front line customer support.
There is tremendous and growing interest from the global investment community in participating in the Brazilian marketplace, said Tal Cohen, CEO of the Americas for Chi-X Global. At Chi-X Global, we are committed to improving market efficiencies around the globe. We are very pleased to work with one of the worlds premiere exchanges on this new product, which will help international investors reduce their intraday risk when accessing the Brazilian equities market, ultimately increasing overall liquidity in the market.
Marta Alves, Chief Product Development Officer for BM&FBOVESPA, said: This tool, to be developed by Chi-X Global, will help foreign investors and their brokers to deepen their relationship with the Brazilian stock market.
Chi-X has also joined forces with the Singapore Exchange to develop and launch the first exchange-backed non-displayed trading platform in Asia, starting with select securities listed in Australia, Hong Kong, Japan and Singapore.