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GBST gears up for Chi-X entry

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Published: 11/09/2011

  • GBST supporting its trading and clearing participants as they transition to participate for Chi-X launch
  • At least 50% of Chi-X volume expected to be processed by GBST Shares™ system
  • GBST predicts increase in offshore participation from algorithmic and arbitrage trading

GBST (ASX:GBT), a global provider of financial services technology and processor of over 50% of ASX traded volume, today confirmed it was on track in preparations for Chi-X Australia’s impending launch.

“There are complexities associated with enabling trades across both Chi-X and the ASX. We have developed the enhancements to our software so that our clients can execute, clear and settle trades across both venues,” said GBST’s CEO of Broker Services, Denis Orrock.

GBST’s equities trading, clearing and settlement system, Shares™, has been enhanced to support multiple trading venues and has been benchmarked to process 1,000,000 trades per day per instance, double the highest volume trading day ever achieved by a single participant in the Australian market. Based on this high performance throughput, brokers using Shares™ will be well positioned to handle the predicted jump in trading volumes fuelled by an increase in algorithmic and arbitrage trading.

Of the brokers already announced by Chi-X (Chi-X Press Release, June 2 2011) as day one market participants, a number use GBST Shares™ for middle and back office processing including Credit Suisse Equities, Deutsche Bank, ITG, Bank of America Merrill Lynch, Penson Financial Services Australia, and UBS Securities. A further six brokers powered by GBST Shares™ are lined up to participate in the Chi-X market launch. This means from day one at least 50% of all Chi-X volume is expected to be processed via GBST Shares™.

Following certification in late August, GBST became one of the first vendors to pass Chi-X Qualification Testing and the firm continues to assist its broker community to facilitate user acceptance testing. By working closely with the ASX, ASIC and Chi-X GBST is focused on ensuring support for multiple trading venues is introduced in a timely, well managed and low risk fashion.

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