Chi-X Global and SGX Partner to Launch First Exchange-Backed Dark Pool in Asia-Pacific.

SINGAPORE -- Chi-X([R]) Global Inc. (Chi-X) and Singapore Exchange Limited (SGX) today signed a Heads of Terms Agreement to develop and launch the first exchange-backed dark pool in the Asia-Pacific region. The non-displayed trading platform aims to initially offer block crossing facilities for equities listed on SGX, and on an offshore basis for the Australia, Hong Kong and Japan exchanges.

A project implementation team has been formed with the goal of commencing operations and trading in the first half of 2010. The joint venture, which will be equally owned by the two sponsors, intends to implement specific strategies to equip its dark pool with ample liquidity and attract new capital flows to the region.

The dark pool will operate with appropriate regulatory approvals and controls, reporting, settlement systems and compliance standards.

"Chi-X is delighted to work with a forward-looking and market-focused partner like SGX to launch and operate this dark pool, with the aim of creating the deepest and most attractive dark pool liquidity in the Asia-Pacific region," said John Lowrey, CEO of Chi-X Global. "Our experience has shown that users are looking for independent, genuinely neutral dark pools with high functionality and deep liquidity, and we believe that this joint venture will be able to deliver just that."

"SGX is pleased to offer Asia the first exchange-backed dark pool, which will complement exchange trading by reducing the market impact of large trades. We believe it will be an important block trading venue for Asian markets, attracting new participants and improving the trading environment in the region," said Gan Seow Ann, SGX Senior Executive Vice President and Head of Markets. "We are glad to have a strong partner in Chi-X, who shares with us common goals of being innovative and internationally oriented."

Chi-X subsidiary Chi-X Global Technology, LLC (Chi-Tech([TM])), a leading provider of trading infrastructure solutions to global market centers and participants, will provide the technology for the platform. Around the world, Chi-X technology is powering a number of alternative and incumbent trading venues that are providing savings for investors through reduced market impact and improved liquidity.

SGX-listed stocks will be cleared and settled through The Central Depository (Pte) Limited (CDP), SGX's securities clearing house and depository, via SGX's securities clearing members. The JV intends to appoint a pan-Asian central counterparty to clear other trades executed on the dark pool.

About Chi-X([R]) Global

A subsidiary of electronic trading pioneer Instinet, Chi-X Global Inc. is a global provider of market infrastructure technologies and trading venues. Its Chi-X trading platforms aim to provide investors around the world with the most efficient markets possible through their high-speed, low-cost, intelligent trading models. Chi-X believes that truly competitive, technology-driven markets benefit all participants in the trading process - investors, brokers and the primary exchanges - by making the market more attractive to the global trading community, which ultimately helps to increase overall market volumes and improve investor performance.

As the technology services unit of Chi-X Global Inc., Chi-X Global Technology, LLC ("Chi-Tech") provides cost effective, high-performance, end-to-end trading technology, infrastructure and related services. The company's proven, innovative solutions are designed for exchanges and alternative trading venues, as well as brokers, banks and other market participants. Chi-Tech's focus is delivering outcome-oriented technology that enables the world's marketplaces and their participants to lower costs, reduce risk and maximize competitive advantage.

For more information, please visit Chi-X website: www.chi-x.com

About Singapore Exchange Limited

Singapore Exchange (SGX) was inaugurated on 1 December 1999, following the merger of two established and well-respected financial institutions - the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX). SGX is Asia-Pacific's first demutualised and integrated securities and derivatives exchange and is listed on its own bourse. The exchange's stock is a component of benchmark indices such as the MSCI Singapore's Free Index and the Straits Times Index (STI).

SGX aims to offer a highly trusted, comprehensive and efficient securities and derivatives marketplace for raising capital, risk transfer, trading, clearing and settlement. SGX facilitates the trading and clearing of commodity futures and over-the-counter (OTC) derivatives such as forward freight agreements and oil swaps. Through strategic alliances and partnerships with other exchanges around the world, SGX is firmly positioned as an Asian Gateway.

For more information, please visit SGX website: www.sgx.com