RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: OZschwitz: Big brokers back ASX rival Thu Jun 02, 2011 3:09 am | |
| Rival stock market operator to the Australian Securities Exchange, Chi-X Australia, has received a boost with some of the nation’s biggest investment banks, signing up as market participants.
Chi-X confirmed it expects to begin operations sometime during the December quarter.
Among the 15 banks and brokerages to sign up include Citigroup, UBS, Deutsche Bank, Credit Suisse, Goldman Sachs, JP Morgan, Macquarie and Merrill Lynch. Combined these trading houses provide the biggest turnover for the Australian Securities Exchange.
The federal government last month granted Chi-X Australia a licence to operate a secondary equity-product trading platform in direct competition with the ASX.
The move represents the biggest threat to the ASX’s long held monopoly on equity markets.
ANCAPS: ANARCHO-CAPITALISTS |
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