Chi-X Australia

[supermatt]

Does anyone know anymore details about the ASX's new rival exchange chi x that is going to be introduced late this year?

Apparently 90% cheaper than the asx. Sounds fantastic. It is about time Australians have more options to chose which exchange they trade through as the ASX has had its monopoly reigns for long enough, as clearly we have the most expensive exchange going around. Without getting to in depth I think having an alternative option might lure more traders back to trading our markets more actively due to lower commissions and more liquidity. I know it will interest me as that is one of the big reasons I dont trade the ASX ( ridiculously high commissions )

From the articles I have read it sounds like the costs of data feeds, transactions will be greatly reduced as well are providing more liquidity.

Not sure how it will all work but I am interested in seeing what happens as we get through the year.

Feel free to move this post where ever. Wasn't sure where to put it.

 

[boofhead]

Re: chi-x

ASX recently announced they are reducing costs - I would assume in response to Chi-X. I think July 1. Now will existing brokers reduce their fees?

 

[cogs]

Re: chi-x

Good news and about time!

Plenty of articles about it.
http://news.smh.com.au/breaking-new...-drop-on-chix-market-entry-20100331-rcp6.html

 

[supermatt]

Re: chi-x

just thought id ask what people know about it as there isn't alot of info out there on Google (apart from just saying chi x will be introduced late this year, around October)

Yes I have read all those articles cheers. Looks promising!

I wonder how much they will reduce by if they do.

 

[ThingyMajiggy]

Re: Chi-X

lol, so everyones going to be trading chix now?

 

[DB008]

Re: Chi-X

Agree with comments above. Any competition is good competition. About time.
Lots of info on Chi-X out there. There was also an article in the AFR a weeks ago, weekend edition. Chi-X have taken Europe by storm in the last few years. The LSE has lost a lot of ground to Chi-X.

ASX are pretty expensive, but then again, if IB can charge $6 for a buy or sell order, l'm sure that that others could too? Or, am l wrong in thinking that? i would actually love to know what the profit margins are for brokers on shares?

 

[sinner]

Anyone got cheaper brokerage yet?

ASX on Thursday announced fee reductions from July 1, including trade execution fees that will cut the fee brokers charge investors to trade.

Did this just not go ahead, or are Aussie retail brokers still charging customers the old brokerage fee and pocketing the difference?

Does anyone know which companies are going to be listed on the new exchange?

Considering the electronic nature of brokerage these days, I have no idea what is the basis for the $15-30 fee most seem to be charging. The norm in the US seems to be about 5-10USD with some brokers offering unlimited trading for a yearly fee of around $300!

 

[sinner]

Just received the following from the ASX:

Thank you for your email.

Yes, the ASX did reduce its headline trade execution fee on July 1 of this year. The headline trade execution fee was reduced from 0.28 basis points (bps) to 0.15 bps

The media release outlining the details can be found on the ASX website here: http://www.asx.com.au/about/pdf/20100603_asx_fees_and_rebates.pdf.

In regards to fees that brokers may be charging, these fees are a matter for brokers and their clients.

Headline trade execution fee almost halved and retail is still paying the same price.

Surely grounds for the ACCC to investigate?

 

[supermatt]

Just received the following from the ASX:



Headline trade execution fee almost halved and retail is still paying the same price.

Surely grounds for the ACCC to investigate?

THIS IS BULL$h!t. when the hell are aussie traders going to get a fair deal?
and no, dont say IB

 

[white_goodman]

any news on when they coming in?

 

[supermatt]

no joke. how slow does this process want to be! no updates at all. by the sounds wont be happening until mid next year.

 

[boofhead]

There has been news on it. I can't remember the details but I think it is something like March 2011 or maybe a little later.

 

[alphaman]

Even when Chi-X arrives, how do we know companies will want to list on Chi-X? Won't they have to pay another listing fee?

 

[Happy]

E"Trade changed fee to just under $20

Must be their move to secure trader's support

 

[ROE]

they wont launch March 2011, there is a delay in regulation and if SGX get its hand on ASX then Chi-X future is uncertain as Chi-X has link with SGX

I saw an article some where see if i can find the link

 

[prawn_86]

All confirmed now by regulators. Not sure of the launch timeframe.

 

[Gringotts Bank]

http://online.wsj.com/article/SB10001424052748703922804576302072484237288.html?mod=googlenews_wsj

How will this work>? Will all brokers participate? Will all companies be dual listed?

 

[warennie]

How does it all work? Will stock be on either the ASX or Chi-X or will they be on both?

If on both, does equilibrium keep them equal, as in all traders will watch both the ASX and Chi-X...

 

[warennie]

Nevermind, kind of answered my own question: http://en.wikipedia.org/wiki/Cross_listing

 

[tothemax6]

Nice one! Another exchange to end the ASX monopoly.
I'm sure the hi frequency trading funds will be looking at the real estate about half way between the two.