They have agreed to develop and launch Asia Pacific's first bourse-backed dark pool.
The non-displayed platform aims to initially offer block crossing facilities for equities listed on SGX and on an offshore basis for the Australia, Hong Kong and Japan exchanges.
The Chi-X Global Technology subsidiary will provide the technology for the platform. SGX-listed stocks will be cleared and settled through the exchange's securities clearing house and depository, via its members. The JV intends to appoint a pan-Asian central counterparty to clear other trades executed on the dark pool.
John Lowrey, CEO, Chi-X Global, said: "Our experience has shown that users are looking for independent, genuinely neutral dark pools with high functionality and deep liquidity, and we believe that this joint venture will be able to deliver just that."
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