OpenMarkets launches Chi-X trading to cut costs and improve execution for professional and institutional investors

By August 5, 2015Company News

6th August 2015

Melbourne, VIC – Australia’s fastest-growing stockbroker OpenMarkets Australia Limited has taken another step towards becoming the broker of choice for professional traders and institutional investors with the addition of the Chi-X Australia trading venue.

OpenMarkets, currently ranked in Australia’s top 15 brokers by trading volume – with a total monthly turnover of $2.5 billion in July – sees the addition of Chi-X, alongside ASX, as an important step in enhancing the company’s offering to high-volume traders.

Chi-X – an increasingly popular trading alternative for ASX-listed companies – was added to OpenMarkets’ list of execution venues on July 27 in a move that will generate significant trading cost savings for clients.

In addition to new order types, price improvement opportunities and additional liquidity pools, Chi-X offers brokers lower trading costs compared to the ASX – a saving that OpenMarkets CEO Rick Klink said would be passed back to clients.

“The primary benefit of Chi-X is that it gives our clients access to additional liquidity pools, which can result in better fills for their trades. Better fills means better profits,” Mr Klink said.

“Chi-X is also a cheaper execution venue than the ASX. By optimising our trading algorithms we can achieve savings of up to 50 per cent of exchange trading fees. These savings will be passed back to clients using this service as part of our overall mission to drive down the cost of trading.”

“We plan to work closely with Chi-X to further optimise our trading algorithms to deliver even better fills to our clients and continue to drive down their execution costs.”

Chi-X CEO John Fildes said, “We welcome innovative brokers like OpenMarkets to our exchange. The arrival of Chi-X has been a catalyst for brokers to offer their clients improved trading tools on a state-of-the-art platform. We share their commitment to making trading for investors easier, more efficient and cheaper.”

Currently Chi-X is available to select OpenMarkets clients using the IRESS trading software. It will made be available to all clients pending the upcoming release of its proprietary Smart Order Router in December 2015.

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About OpenMarkets

OpenMarkets Australia Limited (OpenMarkets) is an independent, technology-focused execution-only stockbroker. It specialises in providing professional traders, institutional investors and intermediaries with innovative, high quality execution services for trading on ASX, Chi-X, NSX and SIM VSE exchanges.

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