Singapore Exchange to launch Asia's first exchange-backed dark pool 2009-08-12 18:46:41   Print

     SINGAPORE, Aug. 12 (Xinhua) -- The first exchange-backed dark pool in Asia will be launched by the Singapore Exchange (SGX) in a joint venture.

    According to local TV broadcaster Channel News Asia on Wednesday, SGX will partner Chi-X Global, a global provider of market infrastructure technologies and trading venues, in a joint venture.

    A exchange-backed dark pool is a network where transactions made are concealed from the public.

    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 move aims to initially offer block crossing facilities for equities listed on SGX, and on an offshore basis for the Australia, China's Hong Kong and Japan exchanges.

    SGX-listed stocks will be cleared and settled through The Central Depository, the exchange's securities clearing house and depository, via SGX's securities clearing members. The joint venture intends to appoint a pan-Asian central counterpart to clear other trades executed on the dark pool.

Special Report:  Global Financial Crisis

Editor: Lin Zhi
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