30 June 2015

Chi-X Japan PTS gets take-over-bid rule exemption

26 October 2012  |  3126 views  |  0 Source: Chi-X

The Financial Services Agency (FSA) announced today that as of 31 October 2012, Chi-X Japan Limited, a wholly owned subsidiary of alternative trading venue operator Chi-X Global Holdings LLC, will be designated as a proprietary trading system (PTS) on which transactions are exempt from the Take-Over-Bid (TOB) rule of the Financial Instruments and Exchange Act.

The TOB rule requires investors who approach a five percent stake in a company's outstanding shares to launch a tender offer if they are trading off exchange, causing many participants to have concern for inadvertently breaching the rule when trading on a PTS. The exemption will allow investors to trade on Chi-X Japan without concern for breaching the TOB rule.

"Chi-X has long advocated for harmonized rules across venues that support fair and equal access for all investors, and today's announcement is a significant step in the right direction," said Yasuo Hamakake, CEO, Chi-X Japan. "We have received an overwhelmingly positive response from new buy-side and retail participants, as well as from our existing trading participants, who recognize the benefits of trading on our venue."

Hamakake continued: "We remain committed to working with the trading community and providing healthy competition and open discussion to drive positive and informed policy-making change for the market overall." 

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 

Top topics

Most viewed Most shared
Global fintech investment triples - Accent...
8808 views comments | 46 tweets | 25 linkedin
Barclays takes on Apple with wearable paym...
7302 views comments | 37 tweets | 25 linkedin
Wells Fargo to usher in voice and facial b...
5909 views comments | 20 tweets | 25 linkedin
E-commerce goes mobile
5053 views comments | 23 tweets | 20 linkedin
European ACHs form Sepa joint venture
4991 views comments | 22 tweets | 13 linkedin

Featured job

Find your next job