Chi-X Appoints Joseph Marchal Asia-Pacific CEO.Firm also makes key hires in Australia SINGAPORE -- Chi-X([R]) Global Inc., a holding company for the regional Chi-X trading platforms, today announced the appointment of Joseph Marchal as regional CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. for Asia-Pacific. In this role, Mr. Marchal will be responsible for the platform's expansion in the region. Mr. Marchal, who will report to Chi-X Global CEO Tony Mackay, joins Chi-X after having served as regional CEO of Asia for Instinet Incorporated, the parent company of Chi-X Global (see separate 19 November announcement). "Joe has a deep knowledge of market structure in Asia-Pacific and his business contacts in the region are extensive," said Mr. Mackay Mr. Mackay was a character in the popular BBC sitcom Porridge, played by Fulton Mackay. Mackay is a neurotic and tough prison warden whose constant obsession in life is to catch out Fletcher. The rivalry between Fletch and Mackay was a thing of comedy legend. . "Investors in Asia-Pacific are eager for the market efficiencies brought about by platforms such as Chi-X, and we believe that Joe is the ideal leader to bring our advanced trading platform to the region." Added Mr. Marchal: "Chi-X has proven to not only lower trading costs Trading costs Costs of buying and selling marketable securities and borrowing. Trading costs include commissions, slippage, and the bid/ask spread. See: Transactions costs. for the investment community, but also increase overall liquidity in the market. We're confident that our model benefits all participants involved in the trading process, and are eager to continue our discussions with regulators in the region as we work to deliver Chi-X to investors in Asia-Pacific." During his four years as regional CEO for Instinet, Mr. Marchal significantly grew the business and doubled the firm's market share in the region. Prior to Instinet, he served as Managing Director for Deutsche Securities Limited, a division of Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank , where he was responsible for overseeing the Japanese Equity Sales Trading operation in Tokyo, London and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Mr. Marchal also spent time in senior positions in Asia at Nikko Salomon Smith Barney, Fidelity Investments and Daiwa Securities International. Mr. Marchal began his career in 1985 at Maruso Securities as a floor trader Floor trader A stock exchange member who generally trades only for his own account or for an account controlled by him, or who has such a trade made for him. Also referred to as a "local. on the Tokyo Stock Exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. . Additionally, Chi-X Global today announced the appointment of Peter Fowler and Jason Keady to executive roles in Australia. Both will be based in Sydney and will report to Mr. Marchal. Mr. Fowler has been named Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Chi-X Australia, with overall operational responsibility for the platform subject to the grant of relevant regulatory approvals, while Mr. Keady will serve as Chi-X Australia's Director of Markets and Operation, and will be responsible for implementing the client side aspects of the Chi-X Australia business plan. Prior to joining Chi-X, Mr. Fowler founded Palion, a private firm which was acquired by OMX OMX Office Max (stock symbol) , followed by a senior role at GBST GBST Ground-Based Software Tool . Mr. Keady joins from the Australian Securities Exchange The Australian Securities Exchange (ASX) is the primary stock exchange in Australia. The ASX began as separate state-based exchanges established as early as 1861. Today trading is all-electronic and the exchange is a public company, listed on the exchange itself. . "We were drawn to Chi-X's proven technology and market model, which have already resulted in substantial cost reductions for investors in Europe and Canada," said Messrs. Fowler and Keady in a joint statement. "We are confident the same can be accomplished in Australia, making the market more attractive to the global investment community and ultimately increase the amount of liquidity available to Australian investors." About Chi-X([R]) Global A subsidiary of electronic trading pioneer Instinet, Chi-X Global is a holding company for the regional operations of Chi-X market centers. Chi-X aims to provide investors around the world with the most efficient markets possible through its high-speed, low-cost, intelligent trading model. Chi-X believes that by offering a true competitive alternative, markets will be more accessible to the international investment community, which ultimately helps to increase overall market volumes and improve investor performance. The name Chi-X is derived from the 22nd letter of the Greek alphabet, "", symbolizing the "crossing," or matching, of the two sides of a trade. Along with the "X" from the English alphabet, the name signifies a combination of the old world and modern world, or traditional securities trading techniques married with cutting-edge technology. About Instinet Instinet is an electronic trading pioneer, having established the world's first significant electronic trading venue in 1969, one of the first recognized U.S. ECNs in 1997 and the first pan-European MTF (1) (Modulation Transfer Function) A measurement of monitor sharpness. MTF compares the contrast ratio between alternating black and green lines that are one pixel thick. in 2007. Through its subsidiaries and affiliates, Instinet operates two distinct business lines: a global network of agency-only brokers that enable institutional investors to lower overall trading costs and improve investment performance through the use of innovative electronic trading products, including smart-routing, algorithms, DMA (1) (Digital Media Adapter) See digital media hub. (2) (Document Management Alliance) A specification that provides a common interface for accessing and searching document databases. , dark pools and EMS platforms, and also provide sales trading, commission management services and independent research; and the Chi-X([R]) trading systems, which aim to improve the efficiency of capital markets globally by providing high-performance, low-cost alternative execution venues. Instinet is a wholly-owned subsidiary of Nomura Holdings, Inc. For more information, please visit www.instinet.com. [c]2008 Chi-X Global Inc. All rights reserved. CHI-X is a registered trademark in the UK, Europe, the US and other jurisdictions. INSTINET is a registered trademark in the US, and in other countries throughout the world. |
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