UBS joins Chi-X Global ownership consortium
UBS AG has acquired an equity stake in Chi-X Global Holdings LLC and will join the consortium of five financial institutions that recently bought a minority stake in the firm.
The group that UBS joins comprises BofA Merrill Lynch, GETCO LLC, Goldman Sachs, Morgan Stanley, and Quantlab Group LP. Instinet Incorporated, a Nomura Group company, remains the largest equity holder through a subsidiary company.
“We are pleased to welcome UBS to our group of world class, distinguished equity partners.” says Tal Cohen, CEO of Chi-X Global, “As we continue to expand our global presence through new product offerings and strategic growth opportunities, we look forward to working closely with our investors and market participants globally.”
"UBS has a long-standing commitment to promote the benefits of competition, innovation, investor choice and market efficiency – which ultimately leads to greater liquidity and lower trading costs for our clients.” said Mike Stewart, Head of Global Equities at UBS, “Given our reach and position in the equity markets across the globe, it made sense to become an active participant in Chi-X Global’s model. We look forward to working with their management team in the months and years ahead."
Financial terms of the transaction have not been disclosed.
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