SGX: Chi-East, a JV of Chi-X Global Inc. and SGX, has obtained MAS approval to be a recognised market operator of a pan Asian alternative trading platform. Trading is expected to begin in 4Q10. Chi-East will operate an independent, non-displayed trading venue (aka dark-pool) for select securities listed in Australia, HK, Japan and Spore. Following its launch, Chi-East is expected to enhance the trading infrastructure thereby stimulating transaction flows & deepening liquidity.
With the planned introdn of selected ADRs on 22 Oct & the upcoming high-speed trading system to be rolled out in 1Q11, SGX is clearly reinventing itself away from the traditional Exchange role & these new initiatives should be earnings accretive going forward. Stock has surged 12% since breaking out of its $8.16 downtrend & appears headed for the next target at $9.60 level.
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