Market conglomerate Chi-X is trimming some of its holdings.
Chi-X Global Holdings, operator of global market trading centers and owner of Chi-X Australia, Chi-X Japan and Chi-Tech Hong Kong, has decided to sell the aforementioned venues to private investment firm J.C .Flowers.
Financial terms of the transaction were not disclosed. The acquisition is expected to close in Q1 2016, pending regulatory clearances.
We are pleased to announce that J.C. Flowers & Co. has agreed to acquire Chi-X Australia, Chi-X Japan and Chi-Tech, said Tal Cohen, CEO of Chi-X Global. Over the past five years, Chi-X has established itself as an integral part of the financial markets in Asia Pacific through our commitment to competition and innovation.
Chi-X Australia is a subsidiary of global market operator Chi-X Global Holdings LLC, and offers alternative trading ASX securities using its low latency, high performance, proven trading system.
Chi-X Japan provides Asia-based investors with a more efficient market alternative through its innovative pricing model, advanced order types, risk management tools and colocation services. As a registered PTS (Proprietary Trading System), Chi-X Japan aims to attract new investors, in turn increasing overall Japanese market volumes, reducing transaction costs and improving investment performance.
In a statement, J.C. Flowers said it plans to keep the trading venues operational and leverage its technology and expertise to enhance trader efficiency and competition within the markets each venue serves.
J.C. Flowers is exclusively focused on investments in the global financial services sector and has been an active investor in the Asia Pacific region for nearly two decades. The firms current investments include Shinsei Bank of Japan; KT Capital Corporation, a Korean non-bank finance company; and SICOM Ltd., a provider of financial solutions and advisory services in India.
