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Category: Stockmarket / Takeovers / Company News

Chi-X share market sold to JC Flowers

Monday, 25 Jan 2016 12:46:29 | Michael Janda

Migrants are waiting to board a bus at the train station in Nickelsdorf, Austria, near Hungarian-Austrian border on September 10, 2015. Since the beginning of 2015 the number of migrants using the so-called 'Balkans route' has exploded with migrants arriving in Greece from Turkey and then travelling on through Macedonia and Serbia before entering the EU in Hungary from where they continue via Austria to Germany.

The upstart share market rival to the ASX, Chi-X, is being sold to US private equity firm JC Flowers.

Shares have been trading on Chi-X for just over four years, and data provided by the ASX and analysis by Bloomberg suggests that it has around 11 per cent market share in Australia.

New York-based JC Flowers is paying an undisclosed sum to purchase Chi-X Australia, Chi-X Japan and Chi-Tech Hong Kong - the company's technology services unit.

Chi-X Canada and Ch-X Europe have already been sold off to Nasdaq and Bats Global Markets respectively.

Chi-X is a joint venture between majority partner Nomura, and fellow investment banks JP Morgan Chase, Bank of America, UBS and Goldman Sachs.

"The Chi-X businesses have established themselves as successful and innovative alternatives to primary exchanges," said Thierry Porte, the managing director of JC Flowers in a statement.

"Their superior technology, service and trade execution performance will continue to drive positive change and improve markets where they operate.

"We hope to accelerate this growth through continued enhancements to the platform, including new investment products and markets, and by leveraging our strong relationships throughout the Asia-Pacific region."

AustraliaPlus


 

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