core sector communique

Chi-FX Brazil Commences Participant Certification Process

NEW YORK – July 17, 2012 – Chi-X Global Holdings LLC today announced that Chi-FX

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Brazil is now available for participant certification. The platform, which has been developed via an alliance between Chi-X Global and BM&FBOVESPA S.A., Bolsa de Valores, Mercadorias e Futuros (“BVMF”), is expected to launch in the fourth quarter. 

By leveraging a real-time foreign exchange feed, Chi-FX Brazil will enable registered institutional and retail investors based outside Brazil to trade shares listed on BM&FBOVESPA in their local currency. Traditionally, the foreign exchange leg of off-shore transactions occurred at the end of the trading day; by automating this process and executing it simultaneous to the equity transaction, intraday currency risk is significantly reduced.  

“This is an important milestone for Chi-FX and comes at a time when trading participants globally are looking for greater transparency and trading efficiencies,” said Tal Cohen, CEO of Chi-X Global. “We are pleased to be working with BVMF and remain focused on bringing new investment opportunities to the region.”    

“The Chi-FX Brazil platform is an important part of our strategy to create innovative ways to develop Brazil’s capital markets,” said André Demarco, Operations Officer for BM&FBOVESPA. “It has been a great opportunity to partner with Chi-X Global as part of our global initiative”  

About Chi-X Global Holdings LLC

Owned by a consortium of major financial institutions, Chi-X Global  operates Chi-X Australia, Chi-X Canada and Chi-X Japan. Its Chi-Tech technology services unit provides technology to its business lines and its Chi-FX platform is planned for launch in Brazil during Q4 2012 in a venture with BM&FBOVESPA.

About BM&FBOVESPA (BVMF) 

One of the three largest exchanges in the world by market capitalization, BM&FBOVESPA offers trading of cash markets in equities, gold, US Dollar and fixed income securities, as well as of derivatives on indices, interest rates, foreign exchange,  agricultural and energy commodities. With its fully integrated business model BM&FBOVESPA offers not only a state-of-the-art trading environment, but also registration, clearing, settlement, risk management, central counterparty and depository services.