Chi-X Japan Limited, a wholly-owned subsidiary of alternative trading venue operator Chi-X Global, today announced that turnover on its platform reached ¥50.2 billion in November, more than five times October's turnover of ¥9.6 billion and well ahead of September's ¥2.5 billion. Additionally, for the month of November, 98.3 million shares were traded on Chi-X Japan.
"We are encouraged by these results and the positive response we have received from our trading participants," said Tal Cohen, CEO of Chi-X Global. "While we are still in the early stages, we believe our rapid growth is attributable to investors having been able to realize price improvement and take advantage of the advanced order types that are only available on Chi-X, not to mention the lowest latency, high-capacity network infrastructure and matching engine in Japan. We will continue to look for ways to provide value added services to our participants, and we are looking at introducing a range of new services, including colocation."
Chi-X Japan is a proprietary trading system (PTS) that serves licensed broker-dealer participants in Japan through its limit order continuous matching model and maker/taker pricing to incentivize liquidity providers, among other attributes. Clearing is conducted through the Japan Securities Clearing Corporation (JSCC). Trading on Chi-X Japan has been introduced through a phased approach to today include 822 tradable equities, including the Nikkei 225 stocks and 15 ETFs.
"One of the most encouraging aspects of our launch to date has been the participation of offshore traders who have adjusted their strategies and algorithms to increase Japanese trading in general and take advantage of trading opportunities created by multiple trading venues. We will continue our efforts to attract these investors and contribute to further liquidity growth in the Japanese market," added Joseph Meyer, Representative Director of Chi-X Japan.