Five financial institutions have taken a minority stake in Chi-X Global Holdings.
Financial terms were not disclosed. Chi-X Global Holdings is the holding company for Chi-X market operators Chi-X Canada, Chi-X Japan and Chi-X Australia, which will launch on 31 October. It also jointly operates Chi-East, an independent, non-displayed liquidity pool in Singapore, through a joint venture with a subsidiary of the Singapore Exchange, and has developed the Chi-FX product in a venture with BM&FBOVESPA that is scheduled for commercial launch in Brazil early next year.
The new investors are: BofA Merrill Lynch; GETCO, LLC; Goldman Sachs; Morgan Stanley; Quantlab Group, LP. Instinet Incorporated, a Nomura Group company, remains the largest equity holder through a subsidiary company. “The investment that our equity partners have made today demonstrates their commitment to Chi-X Global and its businesses,” says Tal Cohen, CEO at Chi-X Global. “With the support of our investors,we are well positioned to continue our growth and remain a positive force for change through market innovation and the introduction of competition.”
“Since inception, Chi-X has established its reputation as a market innovator globally,” comments Bina Kalola, head of Strategic Direct Investments for Global Equities at BofA Merrill Lynch. “We look forward to our new relationship with Chi-X Global and its management team and to bringing greater efficiencies to markets across the globe.”
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