OpenMarkets, Shaw and Partners and Morgans will now use the Chi-X platform, which provides price improvement opportunities, low trading fees and efficient execution, according to a statement from Chi-X Australia.
Chi-X Australia chief executive John Fildes said: “Chi-X continues to build our disproportionately large share of retail investors’ trades and we will be looking to enhance our Australian market presence in the next few months with new services and trading tools.”
OpenMarkets chief executive Rick Klink said: “OpenMarkets' mission is to deliver clients high-quality execution services at the lowest price point in the industry.
“The inherent cost savings of Chi-X is a significant step in supporting this mission.”
According to Mr Fildes, Chi-X has been able to generate significant price improvement opportunities for its 34 other market participants, leading to approximately $29 million in savings during 2015.
Shaw and Partners head of equities Mike Ryan said: “Consistent with our growth strategy, Shaw and Partners continues to enhance our service offering for our clients by joining Chi-X Australia.
“This will further ensure that our clients have best execution and access to liquidity.”
