Chi-X and SGX shutter Asian dark pool

Chi-X and SGX shutter Asian dark pool

Chi-East, the cross-border Pan-Asian dark pool launched by Instinet-owned Chi-X Global and the Singapore Stock Exchange, is to cease trading after failing to attract sufficient volumes.

The joint venture went live in November 2010 after a two-year build out, offering non-displayed block trading in stocks in Singapore, Japan and Hong Kong.

The demise of the platform follows a slow-down in trading activity across the region, hitting liquidity and damaging the venture's chances of reaching break-even.

A notice on the Chi-East site says the operation will be shuttered on 24 May, "due to commercial consideration".

"While we all wish we could have had a different outcome we hope that Chi-East has managed to positively affect the growth of alternative trading venues in the region," the message concludes.

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