Nine Mile Financial partners with Chi-X Australia to enhance trading efficiency

From

Vic Jokovic

Australian financial services group Nine Mile Financial has been admitted as the latest trading participant of stock exchange Chi-X Australia, a move set to further enhance the trading opportunities for Australian investors.

Headquartered in Sydney, Nine Mile Financial is a technology driven, electronic principal trading firm focused on market making and arbitrage opportunities globally.

Vic Jokovic, CEO of Chi-X Australia, said market makers play an essential role in ensuring there is enough liquidity in capital markets by posting transparent, lit buy and sell orders that are available for trading by all investors.

“We are pleased to welcome Nine Mile Financial to the exchange and as a new trading participant that shares our passion for innovation.

“Both Chi-X and Nine Mile are technology driven companies that understand the importance of providing solutions that deliver efficiency for investors. We look forward to working together to deliver an enhanced offering.”

Nine Mile Financial will play an integral role in supporting the trading of Chi-X quoted TraCRs[1] and Funds[2] following a sustained increase in demand for investment products that are only traded on the Chi-X market.

“As a relatively new player in the market maker space, which has traditionally been dominated by major global financial institutions and investment banks, agility was a critical factor for us when considering an exchange,” said Morgan Potter, Managing Director of Nine Mile Financial.

“Our decision to partner with Chi-X was driven by a belief in their products, agility and a joint desire to deliver better outcomes for Australian investors. It became clear to us early on that Chi-X have a superior service offering and a cost-effective model.”

Mr. Potter was formerly Global Head of ETF Trading at Macquarie prior to co-founding Nine Mile Financial in 2016.

“Our focus is to create a sustainable, innovative company that creates and applies cutting edge technology to the financial markets. Chi-X has a very similar focus and there are natural synergies that will no doubt be harnessed to create an exciting alternative for Australian traders and investors.”

Nine Mile Financial joins Deutsche Bank, Virtu Financial and Susquehanna as the fourth registered market maker on Chi-X.

Nine Mile Financial commenced trading on Chi-X on Friday, 5 June

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[1] TraCRs are traded in AUD, dividends are paid in AUD and they are held on an investor’s Holder Identification Number (HIN) in the same way as Australian securities thus giving complete visibility to manage an investment portfolio. A full list of Chi-X TraCRs can be found here tracrs.com.au.
[2] Chi-X Funds have been trading on the innovative exchange since October 2019, enabling issuers to have their funds quoted and traded on Chi-X.  A range of ETFs are currently quoted on Chi-X, including:
– XKAP: Active X Kapstream Absolute Return Income Fund (Managed Fund)
– ECAS: eInvest Cash Booster Fund (Managed Fund)
– ECOR: eInvest Core Income Fund (Managed Fund)
– EMAX: eInvest Income Maximiser Fund (Managed Fund)
– PAYS: Schroder Absolute Return Income Fund (Managed Fund)

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