Singapore Exchange Limited (“SGX”) announces today that Chi-East Pte. Ltd. (“Chi-East”) plans to unwind its operations over the next two weeks.
Chi-East is a 50-50 joint venture between Chi-X Global Holdings LLC (“Chi-X Global Holdings”) and SGX (through its wholly-owned subsidiary Asian Gateway Investments Pte. Ltd.). Chi-East was set up to operate an exchange-backed non display venue in Singapore for selected securities listed in Australia,Hong Kong, Japan and Singapore. The launch of Chi-East directly corresponded with a period of slower market volumes globally. Although trading volumes were improving, they were still far short of expectations. Due to commercial considerations and expectations of continued relatively weak business prospects, the decision was taken by the Board of Chi-East to cease operations of Chi-East.