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Chi-X Says Aiming to Start Australian Operations in October

Chi-X Global Inc., an electronic-trading-platform provider, is aiming to start operating in Australia by October.

“The target is to launch in October,” Peter Fowler, chief operating officer of Chi-X Australia Pty., said in an interview in Sydney ahead of a media event today. Chi-X last month won preliminary government approval to open Australia’s first rival to stock-exchange operator ASX Ltd.

Australia’s Senate paved the way for rival exchanges when it voted in March to hand oversight of real-time trading on licensed markets to the Australian Securities and Investments Commission, replacing self-regulation that allowed ASX to supervise the nation’s main stock exchange.

Chi-X was the first so-called multilateral trading facility to challenge traditional bourses, including Deutsche Boerse AG, London Stock Exchange Group Plc and NYSE Euronext, by offering lower fees and faster trading. Chi-X Global, a holding company for the regional units, is owned by Instinet LLC, a subsidiary of Nomura Holdings Inc.

“We have to wait until ASIC releases its updated market integrity rules,” Fowler said. “We’ll then modify our draft rules and present them to ASIC.

‘‘Clearing and settlement issues are also being negotiated with the ASX. ASIC will then make a recommendation to the minister and he will issue us with a license.’’

Chi-X Japan KK said on April 5 that it will begin selling trading services in Japan by about July to capture a slice of the world’s second-largest stock market.

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