BlocSec, the first Asian dark pool to cater to the buy-side and the sell-side, owned by CLSA Asia-Pacific Markets ('CLSA'), this week expanded its electronic crossing network to Australia, increasing the number of regional trading markets to four.
The expansion to Australia enables offshore (non-Australian based) buy-side and sell-side investors the ability to trade blocks of Australian equities with complete anonymity and zero information leakage into the market.
BlocSec CEO Ned Phillips said the expansion comes as a response to client needs: "There is high demand for dark pools in this market and by adding Australia it reaffirms our commitment to being the leading dark pool in the Asia-Pacific region. We see this addition as a key part of our continued success."
BlocSec Head of Sales Phillip Van Dine said that since the launch of the BlocSec platform in May 2008, demand for anonymous, electronic trading in Asia had increased significantly and the inclusion of the Australian market reflected the growth of the market and the company.
"The addition of Australia has been anticipated by our community of dark pool users for some time. It provides them greater flexibility to move in and out of large Australian equity positions without signaling their activities to the market."
"With the addition of Australia, plus Japan, Singapore and Hong Kong, BlocSec clients now have access to one of the deepest pools of liquidity in the region," Van Dine said.
BlocSec launched for the Japan and Singapore markets in May 2008, and the Hong Kong* market in August 2008. With the expansion to Australia, BlocSec extends its trading platform to existing offshore clients of CLSA as well as its community of offshore buy- and sell-side users seeking to trade large blocks of Australian equities.
BlocSec's expanded offering complements CLSA's Australia-market strategy. In September 2007, CLSA (Singapore) Pte. Ltd. was granted a remote access membership by the Australian Stock Exchange to service accredited and professional investors and in January 2009, CLSA Limited established a branch office in Sydney and expanded its award-winning research and sales capabilities to Australian investors.
*Please note that in Hong Kong, the BlocSec service is only available to existing clients of CLSA.