Ex-trader to lead Chi-X

A former high-frequency trader will soon take control of the only rival to Australia's main stock exchange.

A former high-frequency trader will soon take control of the only rival to Australia's main stock exchange.

John Fildes - who oversaw the entry into the local market of global high-speed trading firm Getco - has been appointed new chief executive of Chi-X Australia, the only competitor to the Australian Securities Exchange. Mr Fildes will replace Peter Fowler from May 1.

"I would like to welcome John to the team during this exciting time for the firm," the head of Chi-X Global, Tal Cohen, said.

"I would also like to thank Peter Fowler for his contributions to Chi-X Australia over the last six years and his unwavering belief in the benefits of competition," he said.

Mr Fowler has been chief executive of Chi-X since it began operating in Australia in October 2011.

He said in November he would be stepping down from the role. Mr Fildes has held senior capital markets roles at Morgan Stanley, MSCI and Instinet, and has worked in or with the Australian market for two decades.

Since February 2010, the volume of equity market turnover attributed to high-speed traders has grown from about 4 per cent to nearly 30 per cent.

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