October 18, 2011

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."

ABOUT THE AUTHOR
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...