Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley are among five large financial institutions that have purchased minority stakes in Chi-X Global, which runs trading systems in Japan, Canada and Australia.
High-frequency trading firms Getco and Quantlab also ought shares of Chi-X, which seeks to be a competitor with various international stock exchanges. Japanese financial conglomerate Nomura Group owns the majority share of the company.
"Since inception, Chi-X has established its reputation as a market innovator globally," said Bina Kalola, head of Strategic Direct Investments for Global Equities at BofA Merrill Lynch, in a press release. "We look forward to our new relationship with Chi-X Global and its management team and to bringing greater efficiencies to markets across the globe."