.jpg)
Credit Suisse Australia is set to join Citi, Commonwealth Securities, Goldman Sachs JBWere, Macquarie, Merrill Lynch and NZX as shareholders in AXE ECN.
Credit Suisse announced its intention to invest in AXE yesterday. Together, the AXE shareholders will account for more than 40% of equity trading in ASX listed securities.
“AXE’s commitment to deliver a market of high integrity, ongoing innovation, attractive pricing and unwavering client focus is understood by the financial services sector in Australia. We believe Credit Suisse and our other shareholders want to deliver the same value to their clients,” said AXE CEO Greg Yanco.
“Direct involvement by Credit Suisse, alongside the serious weight of our other shareholders, brings the AXE vision of faster, cheaper and smarter trading for Australia that much closer to reality,” said Yanco.
“Our investment in AXE complements the existing Credit Suisse electronic trading capabilities and reflects our commitment to best execution for our clients,” said Credit Suisse Country Manager, Australia, David Trude.
“The ultimate winners will be investors, who will have the benefit of shared expertise on business development and healthy competition in the Australian market,” said Trude.
"As shareholder in AXE ECN, NZX is very pleased to welcome Credit Suisse to the shareholder group," said NZX CEO Mark Weldon.
"Credit Suisse are a leading player in global markets, with a distinctive business model. As such they will add significant value to AXE. The inclusion of Credit Suisse as a shareholder also affirms the strategic value of NZX's AXE holding, and its business prospects," said Weldon.
Allowing another key client of AXE a stake in the company’s governance and profitability is expected to attract even greater levels of liquidity as other operators recognise the combined strength of AXE ownership.
"We’re a small company so we can be nimble and innovative in serving our clients, but we have some big names behind us who are serious about the ongoing development of this market, to the benefit of all investors,” said Yanco.
