Chi-X Australia is a competing stock exchange to the ASX and alternative venue where you can trade the full suite of 2,100 ASX listed companies.
Today Chi-X Australia accounts for 20% of the total ASX trading volume, and as much as 30% of the total volume of some big cap stocks such as Telstra, and 30-40% of A-REITs (Australian real estate investment trusts). See this week's most traded stocks on Chi-X on the Fidessa Fragulation Index.
Being a stock exchange, Chi-X can also develop new products of their own, which they have recently done with their new Warrants markets.
Why trade through Chi-X?
1. It has an 'Integrated Order Book' at no extra cost which means its 'lit' and 'dark' markets work together. So when you place a trade on Chi-X, the trade will look at both its lit and dark markets (Mid Point) to fill your trades.
2. It offers 'price improvement' opportunities for traders
3. It has shorter queue times due to its 'day only' system
4. It has a "Market on Close" order type that extends trading by 8 minutes
How to trade on Chi-X with OpenMarkets?
Currently, access to Chi-X is only available through IRESS Trader and IRESS Pro with OpenMarkets. It will soon be coming to Pulse and WebTrader.