Dark pool to shutter due to 'commercial considerations'.
The multi-regional Asian dark pool Chi-East will cease operation from 24 May 2012, following mutual agreement from its shareholders.
Launched as a joint venture between Singapore Exchange (SGX) and Chi-X Global, Chi-East received regulatory approval in October 2010 to launch trading. It offered non-displayed block trading for stocks in Japan, Singapore and Hong Kong. The notification, a general release from the operators, has listed commercial reasons as the driver behind its closure.
"The last trading day of Chi-East will be 24th May 2012," says the notice, available on Chi-East's website. "We would like to thank you enormously for your support of Chi-East and while we all wish we could have had a different outcome we hope that Chi-East has managed to positively affect the growth of alternative trading venues in the region, and that you as clients have seen some benefits from it."
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