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Chi-X admits new participant

Disrupter stock exchange Chi-X has admitted its latest trading partner.

Nine Mile Financial has been admitted to the stock exchange as a market maker, with Chi-X chief executive Vic Jokovic saying as a market maker it will play an essential role in ensuring the liquidity of capital markets by posting transparent buy and sell orders.

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

"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 will support Chi-X TaCRs and funds.

"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 Nine Mile managing director Morgan Potter.

"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."

Potter was formerly the global head of ETF trading at Macquarie, prior to joining Nine Mile in 2016.

Nine Mile is the fourth registered market maker to join Chi-X alongside Deutsche Bank, Virtu Financial and Susquehanna.

Read more: Chi-XNine Mile FinancialDeutsche BankMorgan PotterSusquehannaVic JokovicVirtu Financial
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