Equity brokers using SUMMIT can connect to Chi-X on a fast-track, seamless basis, allowing them to benefit from high levels of straight-through processing from trade execution to settlement and accounting as well as receive real-time trade information.
Fraser Moodie, head of operations, Securities Processing Solutions, Australia at Broadridge, said, "This is another great example of how we take a responsible, client-centric approach to market change. By working closely with our clients, we were able to deliver a timely service that was operational from the Chi-X exchange's launch date, allowing them to be well-positioned for Australia's new alternative trading venue."
The connectivity solution can also be used to process trades executed via any other exchange that supports the FIX financial messaging protocol. Connectivity to the new Australian Securities Exchange's (ASX) PureMatch service is also supported. The Broadridge connectivity solutions are accredited by the ASX and Chi-X for their new respective markets.
Akhter Khan, head of Asia Pacific, Securities Processing Solutions, International at Broadridge, said, "This is the latest in a succession of new initiatives that we have brought to market in Asia Pacific over the past few years. Other recent examples include the roll-out of new trade settlement connectivity for the markets in Singapore and India, a Bank of Japan interface for the BOJ-Net service, and a new cross-border solution for international firms seeking to improve the efficiency of their process flows and reduce costs when processing for their overseas affiliates."