Chi-X names five new TraCRS

Speaking at the recent Stockbrokers and Financial Advisers Association (SAFAA) 2019 Conference, Chi-X Australia Chief Executive, Vic Jokovic, said Chi-X would soon quote an additional five TraCRs based on the underlying shares of leading global companies. The five new TraCRs will join the ranks of 10 other TraCRs already trading on Chi-X Australia*.

“Expanding the range of TraCRs demonstrates our commitment to delivering greater accessibility and choice to local investors and brokers”, Mr Jokovic said.

Launched in October 2018, TraCRs offer local investors simple access to some of the world’s largest companies. TraCRs are issued by Deutsche Access Investments Limited (a member of the Deutsche Bank group) and traded in Australian dollars on an Australian exchange during Australian trading hours.

A New Quoted Funds Market to come

Addressing the SAFAA conference, Mr Jokovic also signalled the launch of a new quoted funds market, stating that the initial fixed-income quoted managed funds (QMFs) – also known as active ETFs – will be issued by leading firms including ActiveX (Kapstream), eInvest (Perennial) and Schroders.

“The arrival of Chi-X Quoted Funds marks a significant expansion of our capabilities and will enable issuers to have their QMFs and ETFs quoted and traded on Chi-X Australia, providing both issuers and investors with greater choice and cost benefits,” Mr Jokovic concluded.

The launch date of the quoted funds market, and the funds involved, will be announced on receipt of final regulatory approvals.

Since the launch of the exchange in 2011, Chi-X Australia has saved brokers and investors $133.6 million and $183 million respectively.

The post Chi-X Australia expands offering with additional TraCRs and a new Quoted Funds market appeared first on AdviserVoice.

ASX developed the TAS for potential new market operators in preparation for competition for market services inAustralia. The TAS has been operationally-ready since October 2010.

New entrants must have clearing and settlement arrangements in place that are approved by the Minister for Financial Services and Superannuation before they can begin operating alternative trade execution venues. Clearing and settlement arrangements provided by ASX’s clearing and settlement subsidiaries have been approved by the Minister for this purpose.

ASX’s TAS will provide non-discriminatory access to clearing and settlement arrangements for Chi-X and any other new market operator.

The TAS enables trades in CHESS-eligible ASX-listed or quoted securities executed on any licensed trading platform to be cleared and settled by ASX Clear and ASX Settlement in an identical fashion to trades executed on ASX’s own cash equity market.

Chi-X has committed to a five-year service agreement on commercial terms available on ASX’s website via the link below. The annual fee for the service has been set to partially recover the costs incurred by ASX in developing and operating this new service. In the event that three or more market operators were to use the TAS, ASX will reduce the annual service fees for each market operator consistent with ASX’s cost recovery objectives.

Click to view the complete details about ASX’s TAS

The post ASX approves Chi-X application to Trade Acceptance Service (TAS) appeared first on AdviserVoice.