Chi-X Global is a global, consortium-backed operator of alternative equity trading venues that compete with primary exchanges. Chi-X Global operates Chi-X Australia, Chi-X Canada, Chi-X Japan and the Chi-Tech technology unit. Chi-FX Brazil, which will be operated in conjunction with BM&FBOVESPA S.A., Bolsa de Valores, Mercadorias e Futuros (“BVMF”) and will allow non-Brazilian investors to execute the foreign exchange leg of trades of BVMF-listed shares in real time, is expected to launch in the fourth quarter of 2012.
Originally launched by Nomura Holdings subsidiary Instinet, Chi-X Global on October 18, 2011 announced that five major institutions -- Bank of America, GETCO, Goldman Sachs, Morgan Stanley and Quantlab Financial -- had taken a minority stake in the firm. UBS also joined the Chi-X Global consortium on December 5, 2011.
Chi-X Global is operated independently from Chi-X Europe, which Instinet launched in 2007 before bringing on a similar consortium of major financial firms as owners. However, on December 1, 2011, BATS Global Markets acquired the firm from the consortium.
The name Chi-X is derived from the Greek letter Chi, written X, claimed to symbolise the crossing of the two sides of a trade. Along with the “X” from the Latin alphabet, the name supposedly signifies a combination of the old world and modern world, or traditional securities trading techniques married with cutting-edge technology.
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