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Chi-X Global, SGX Partner to Launch Asia-Pacific Dark Pool

Chi-X Global and Singapore Exchange Limited (SGX) have signed an agreement to develop and launch an exchange-backed dark pool in the Asia-Pacific region.

The trading platform will initially offer block-crossing facilities for equities listed on SGX and on an offshore basis for the Australia, Hong Kong and Japan exchanges. A project implementation team has been formed and the venture is expected to launch in the first half of 2010.

Chi-X Global and SGX will equally own the dark pool joint venture. The aim will be to implement strategies to provide ample liquidity to the dark pool and attract new capital flows to the region.

In a statement, John Lowrey, CEO of Chi-X Global, said, “Chi-X is delighted to work with a forward-looking and market-focused partner like SGX to launch and operate this dark pool, with the aim of creating the deepest and most attractive dark pool liquidity in the Asia-Pacific region. Our experience has shown that users are looking for independent, genuinely neutral dark pools with high functionality and deep liquidity, and we believe that this joint venture will be able to deliver just that.”

Gan Seow Ann, SGX Senior Executive Vice President and Head of Markets, added, “SGX is pleased to offer Asia the first exchange-backed dark pool, which will complement exchange trading by reducing the market impact of large trades. We believe it will be an important block trading venue for Asian markets, attracting new participants and improving the trading environment in the region.

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