Financial market participants across Asia can now seek dark pools of liquidity throughout the region, thanks to a new agreement between Chi-East, the first Asian exchange backed non-display venue, and global connectivity provider Transaction Network Services (NYSE:TNS).
Chi-East, a joint venture between Chi-X Global and the Singapore Exchange, supports the non-displayed trading of securities in Hong Kong, Singapore and Japan. Using TNS' Secure Trading Extranet, Chi-East will be able to provide its clients with a single trading connection, giving them access to multiple liquidity sources, enhancing intra Asia connectivity between financial institutions.
TNS' Secure Trading Extranet offers mission-critical low latency connectivity, bringing together one of the world's largest financial communities of interest, spanning four continents. Chi-East's clients will now have the ability to set up the connections with other Asian financial institutions in as little as three working days.
Ned Phillips, CEO of Chi-East, said: "We are excited to launch the first exchange backed non-displayed venue in Asia. Financial market participants in Asia are continuously striving to access liquidity across the region, so we needed a provider who could offer fast, secure and resilient connectivity. TNS provides us with a cost effective process that strengthens our links with our participants. Its community of interest helps us to extend our reach in Asia."
Alan Schwartz, President of TNS' Financial Services Division, said: "Liquidity plays a crucial role in the industry today and we are delighted to be helping Chi-East take advantage of the buoyant Asian market. Chi-East has generated a lot of interest within the industry and we are looking forward to providing them, and their customers, with high availability, low latency connectivity to support their electronic trading needs."
TNS' Secure Trading Extranet connects over 1,600 financial community end-points, representing buy-side and sell-side institutions, market data and software vendors, exchanges and alternative trading venues, via more than 115 points of presence. TNS provides services in over 40 countries across America, Europe and the Asia Pacific region, with its reach extending to many more.