Chi-X Global Holdings LLC today announced that its subsidiary Chi-X Japan Limited plans to introduce a new service, Chi-Net, designed for cross order types. The new service is scheduled to launch in Q4 2013.
Chi-Net will offer Chi-X Japan PTS participants the ability to submit single stock cross orders - similar to a service that is currently offered by TosTNet1. Participants of Chi-X Australia and Chi-X Canada already have access to Chi-X Global's trade reporting functionality, and Chi-Net plans to leverage this proven technology for Chi-Net.
Commenting on the announcement, Tal Cohen, CEO of Chi-X Global, said: "Chi-X Global's core mission is to empower markets through innovation. As such, we seek to remove as many of the frictional trading costs as possible. While the overall Japanese equity market is much more efficient today than it was three years ago, one area in which we believe additional strides can be made is in the trade reporting space."
He continued "We are extremely pleased with our progress towards launching Chi-Net and offering participants an alternative to TosTNet1. We plan to offer Chi-Net at a fraction of the cost and with significant latency advantages as it will be accessed through Chi-X Japan PTS which has proven roundtrip latency of sub-millisecond."
Additional information on Chi-Net's pricing and technical specifications will be provided closer to launch. Chi-X Japan PTS participants will be able to access Chi-Net through existing connectivity and it will be exempt from the Take Over Bid rule.