Chi-X makes push for market share
MARKET upstart Chi-X Australia has made an aggressive push for market share ahead of its official launch next month offering stockbrokers hefty fee discounts over the Australian Stock Exchange.
Please check the following:
- {{x.value}}
FREE membership
FREE membership
Join InvestSMART today
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
Please enter the 5 digit verification code sent to "{{user.DayPhone}}" Change number
We cannot send you a verification code via SMS to "{{user.DayPhone}}" Change number
{{ completedStep1 ? 'Start your free 15 day trial now' : content.trialHeading.replace('{0}', user.FirstName) }}
Please enter your mobile number and press send to receive a text message with a verification code.
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
Thank you
We have sent you an email with the details of your registration.
Purchase order
Sign up
OR
Sign up with
Login with
By continuing, you agree to our
Log in
Looks you are already a member. Please enter your password to proceed
OR
Sign up with
Login with
By continuing, you agree to our
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Log in
OR
Sign up with
Login with
By continuing, you agree to our
Upgrade Today
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
{{eventFunction.Name}}
{{eventFunction.EventTypeName}}
{{eventFunction.StartDate}}
{{eventFunction.EventTimings}}
{{eventFunction.VenueName}}
{{ t.Cost === 0 ? "FREE" : "$" + t.Cost.toFixed(2) }}
Quantity *
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
Check your inbox
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
MARKET upstart Chi-X Australia has made an aggressive push for market share ahead of its official launch next month offering stockbrokers hefty fee discounts over the Australian Stock Exchange.The move is expected to see a competitive response by new ASX boss Elmer Funke Kupper who only started his new role last Thursday.Chi-X is planning to offer a 40 per cent discount on ASX's standard fee per trade, according to a note sent to stockbrokers outlining the trading platform's new pricing structure. Chi-X will charge 0.18 per cent per trade compared with ASX's offer of 0.30 per cent per trade.Chi-X Australia chief operating officer, Peter Fowler, said the lower trading fees were aimed at facilitating a more liquid Australian market. Such a move benefits all investors, he said.The pricing structure provides an incentive for institutions to direct trades into the Chi-X order book by charging the provider of liquidity less for each trade.This is known as the "maker taker" pricing model. It is common in North American and European markets and has been key in attracting liquidity to alternative trading venues.After nearly four years of planning and regulatory approvals, Chi-X will open for business in Australia on October 31. The launch will break the ASX's long-standing monopoly over share trading.Mr Fowler said Chi-X has received strong support from the market with 22 firms lodging an application to participate at market launch.ASX halved its trade execution fees last year. This was partly behind an 11 per cent drop in the ASX's cash market revenue over the past 12 months. A spokesman for ASX was not available for comment last night.Some 22 broking firms have signed on to use the new trading platform, including major brokers such as Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs and UBS.Chi-X recently announced the first week of its trading will be a "soft launch" that will provide settlement cycles across six blue chip stocks. These are BHP Billiton, CSL, Leighton Holdings, Origin Energy, Woolworths Ltd and QBE Insurance.From then, the new platform will allow for trading in shares of all of Australia's 200 largest listed companies. Before executing a trade, brokers will rely on smart order technology that compares stock prices across both the ASX and Chi-X platform.Stockbrokers have been told by market regulator Australian Securities and Investments Commission to disclose their "best execution" policies to clients in the lead-up to the launch.This information involves details on how the smart order routing affects the way the broker handles client orders.ASIC has told brokers that it expects both ASX and Chi-X to align their trading hours until at least March next year.
Share this article and show your support
Call 1300 880 160
Start a chat
Schedule a call
