09.30.2011
By Terry Flanagan

Chi-X Australia Adds Industry Veteran

The upcoming exchange adds a 30-year industry veteran to its operations ahead of its introduction in the Australian market.

Chi-X Australia has brought on former Credit Suisse Australia chief executive as independent director.

“David Trude brings invaluable market experience gathered over decades spent as a senior figure in the Australian equities trading environment, including significant leadership roles with broking firms, industry bodies and in regulatory affairs,” said Peter Fowler, chief operating officer of Chi-X Australia.

“Preparations for the entry of Chi-X have been very thorough to date and have encompassed the broking industry, suppliers, regulators and investors, both established and new,” Trude said. “As Chi-X gets close to commencing operations and preparations intensify, I look forward to working with the Chi-X team and trading participants during this exciting time,” he added.

A spokesperson from Chi-X Australian could not immediately be reached for comment.

David Trude’s 30 years in the stockbroking industry includes his tenure as chief executive officer of Credit Suisse’s Australian unit for a decade and service as a board member of the Stockbrokers Association of Australia. He continues as a consultant to Credit Suisse, is chairman of brokerage E.L & C. Baillieu and a panel member of the ASX Disciplinary Tribunal.

The addition to Chi-X Australia comes about a month after the incumbent Australian Securities Exchange made a leadership change, with Elmer Funke Kupper appointed as new chief executive officer, replacing the outgoing Robert Elstone.

ASX chairman David Gonski recently remarked that the introduction of competition in Australia in the form of Chi-X would bring about opportunies for growth for the incumbent. “With the challenges of change come opportunities for ASX to expand its range of products and services, develop new solutions for our customers and alternative revenue streams,” he said.

In anticipation of the new trading platform, the ASX has already lowered trading fees and expanded some of the range and scope of its offerings. It will be also be providing order routing and clearing services for Chi-X.

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