Instinet, a global securities firm and wholly-owned subsidiary of
Nomura Holdings, Inc., today announced the formation of Chi-X Global
Inc., a holding company for the operations of Chi-X platforms in
Europe, Canada and the Asia-Pacific region. Chi-X Global will be led
by Tony Mackay as Chief Executive Officer.
Additionally, Instinet today announced its intention to launch
Chi-X Australia, an Alternative Trading System (ATS) based on the same
technology and pricing model as Chi-X(R) Europe and the soon-to-launch
Chi-X Canada(TM).
"Based on the favorable response from market participants to Chi-X
Europe, we feel there exists an excellent opportunity to bring the
comparable cost savings and market efficiencies to investors in other
markets, thus our formation of Chi-X Global," said Anthony Abenante
and Fumiki Kondo, co-CEOs of Instinet, in a joint statement. "Given
his role in developing Chi-X Europe and his deep experience in Europe,
Asia and Australia, we feel Tony is the right choice to lead efforts
for Chi-X globally."
Commenting on the intention to launch Chi-X Australia, Mackay
said: "Demand exists from both domestic and non-Australian investors
to provide the Australian market with the speed, functionality and
cost benefits that an advanced platform like Chi-X offers. We hope
that Chi-X Australia will provide a much-needed alternative -- and if
history in other markets is an indicator, new liquidity -- to the
Australian marketplace."
Chi-X Global is currently in the process of applying for the
necessary Australian regulatory and legislative approvals, upon which
Chi-X Australia´s launch timing is dependent. Once live, Chi-X
Australia, like Chi-X Europe and Chi-X Canada, will be designed to
provide market participants with low-cost trading through its
high-capacity and low-latency technology, innovative pricing structure
and open, FIX (Financial Information eXchange) protocol-based
architecture.
Mr. Mackay joined Instinet in 1995. Throughout his tenure he has
served in several positions, including President and Managing
Director, Instinet Asia, and, most recently, President and Managing
Director, Instinet Europe, during which period he spearheaded the
establishment of Chi-X Europe. Mr. Mackay began his stockbroking
career in 1980 in Australia, and has worked for both traditional and
electronic brokerage firms in Sydney, Hong Kong, London and Tokyo.
The Chi-X name is derived from the 22nd letter of the Greek
alphabet, "chi", symbolizing the "crossing," or matching, of the two
sides of a trade. Along with the "X" from the English alphabet, the
entire name signifies a combination of the old world and modern world,
or traditional securities trading techniques married with cutting-edge
technology.
About Instinet
Instinet is a global securities firm, providing the world´s most
sophisticated fund managers with the necessary trading tools, ATS
platforms and global agency liquidity to achieve a high-quality trade
execution in more than 80 securities markets around world. Acting
solely as an agent for its customers, Instinet seeks to improve
institutional investment performance and lower overall trading costs
through its various front-end trading systems, securities crossing
networks, smart-routing technology, algorithms, commission management
programs and investment research products. Instinet operates a wide
array of ATS platforms around the world, including CBX(SM) in the
United States, JapanCrossing(SM) in Asia and Chi-X(R) Europe. The
firm, which is a wholly owned subsidiary of Nomura Holdings, Inc., has
offices in North America, Europe and the Asia-Pacific region. For more
information, please visit www.instinet.com.
(C)2008 Instinet Incorporated. All rights reserved. INSTINET is a
registered trademark in the United States and in other countries
throughout the world. CHI-X is a registered trademark in the UK and
Europe. Approved for distribution in Europe by Chi-X Europe Limited,
which is authorised and regulated by the Financial Services Authority;
approved for distribution in Australia by Instinet Pacific Limited,
which is authorised and regulated by the Hong Kong Securities and
Futures Commission; and approved for distribution in the United States
by Instinet, LLC, member FINRA/SIPC.
