Chi-X Japan To Launch New Service for Cross Order Types in Q4

Chi-X Japan, a subsidiary of Chi-X Global, plans to launch a new service for cross order types in the fourth quarter of 2013.

The service, Chi-Net, will offer Chi-X Japan PTS participants the ability to submit single stock cross orders, and is similar to a service currently offered by TosTNet1. Participants of Chi-X Australia and Chi-X Canada already have access to Chi-X Global’s trade reporting functionality, and Chi-Net plans to leverage this proven technology for Chi-Net.

Tal Cohen, CEO of Chi-X Global, said: “[Chi-X] seek[s] to remove as many of the frictional trading costs as possible. While the overall Japanese equity market is much more efficient today than it was three years ago, one area in which we believe additional strides can be made is in the trade reporting space.”

“We plan to offer Chi-Net at a fraction of the cost and with significant latency advantages as it will be accessed through Chi-X Japan PTS which has proven roundtrip latency of sub-millisecond,” he added.

Additional information on Chi-Net’s pricing and technical specifications will be provided closer to launch. Chi-X Japan PTS participants will be able to access Chi-Net through existing connectivity and it will be exempt from the Take Over Bid rule.

Meanwhile, CX2, a trading facility of Chi-X Canada, completed its symbol migration of all TSX-listed and TSXV-listed securities on May 21.