POWERED BY MOMENTUM MEDIA
Chi-X launch a 'smooth transition'
The Government has hailed yesterday's launch of a new securities exchange, Chi-X Australia, as an important move in the development of Australia as a financial services centre.
The introduction of a second equities market will create competition that will drive down fees and costs for 'mum and dad' investors, claimed Assistant Treasurer Bill Shorten in a joint statement with the Treasurer, Wayne Swan.
Shorten pointed to the reduction in brokers' costs for trading in the market in 2010-11, which amounted to "approximately $23 million of savings for industry participants".
The software trading firm IRESS announced that orders and trades were being successfully executed on the Chi-X using its technology, with 19 of the 22 brokers connecting to the new market yesterday morning utilising IRESS software.
IRESS managing director Andrew Walsh called the "smooth transition" of Australia to multiple-venue trading a "significant milestone".
However, not all commentators were enthusiastic about the introduction of a new market into Australia. AllianceBenstein head of Asia Pacific trading Emma Quinn warned that too many trading venues in Australia could make markets fragmented, leading to liquidity problems.
"Regulations are dictating that the only differentiating factor between the Australian Stock Exchange and Chi-X will be fee structure, but that there will be no cost benefits to the buy-side firms themselves," she said.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
