Chi-X Japan Given Proprietary Trading System Status
Investors acting on the Tokyo-based exchange operator will now be exempt from the Take-Over-Bid (TOB) rule of the Financial Instruments and Exchange Act. The act states that investors must launch a tender offer for a company when holdings approach five percent through transactions off traditional exchanges with more than 10 counterparties. Some in Japan have argued that the law stifles competition between venues.
"Chi-X has long advocated for harmonized rules across venues that support fair and equal access for all investors, and today's announcement is a significant step in the right direction," says Yasuo Hamakake, CEO at Chi-X Japan. "We have received an overwhelmingly positive response from new buy-side and retail participants, as well as from our existing trading participants, who recognize the benefits of trading on our venue.
"We remain committed to working with the trading community and providing healthy competition and open discussion to drive positive and informed policy-making change for the market overall," he adds.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Friendly fire? Nasdaq squeezes MTF competitors with steep fee increase
The stock exchange almost tripled the prices of some datasets for multilateral trading facilities, with sources saying the move is the latest effort by exchanges to offset declining trading revenues.
Europe is counting its vendors—and souring on US tech
Under DORA, every financial company with business in the EU must report use of their critical vendors. Deadlines vary, but the message doesn’t: The EU is taking stock of technology dependencies, especially upon US providers.
Regulators can’t dodge DOGE, but can they still get by?
The Waters Wrap: With Trump and DOGE nipping at regulators’ heels, what might become of the CAT, the FDTA, or vendor-operated SEFs?
CFTC takes red pen to swaps rules, but don’t call it a rollback
Lawyers and ex-regs say agency is fine-tuning and clarifying regulations, not eliminating them.
The European T+1 effect on Asia
T+1 is coming in Europe, and Asian firms should assess impacts and begin preparations now, says the DTCC’s Val Wotton.
FCA sets up shop in US, asset managers collab, M&A heats up, and more
The Waters Cooler: Nasdaq and Bruce ATS partner for overnight market data, Osttra gets sold to KKR, and the SEC takes on DOGE in this week’s news roundup.
Waters Wavelength Ep. 312: Jibber-jabber
Tony, Reb, and Nyela talk about tariffs (not really), journalism (sorta), and pop culture (mostly).
Experts say HKEX’s plan for T+1 in 2025 is ‘sensible’
The exchange will continue providing core post-trade processing through CCASS but will engage with market participants on the service’s future as HKEX rolls out new OCP features.
