Chi-X Japan Given Proprietary Trading System Status
![tokyo tokyo](/sites/default/files/styles/landscape_750_463/public/import/IMG/618/92618/tokyo-new-580x358.jpg.webp?itok=KpHchTPI)
Investors acting on the Tokyo-based exchange operator will now be exempt from the Take-Over-Bid (TOB) rule of the Financial Instruments and Exchange Act. The act states that investors must launch a tender offer for a company when holdings approach five percent through transactions off traditional exchanges with more than 10 counterparties. Some in Japan have argued that the law stifles competition between venues.
"Chi-X has long advocated for harmonized rules across venues that support fair and equal access for all investors, and today's announcement is a significant step in the right direction," says Yasuo Hamakake, CEO at Chi-X Japan. "We have received an overwhelmingly positive response from new buy-side and retail participants, as well as from our existing trading participants, who recognize the benefits of trading on our venue.
"We remain committed to working with the trading community and providing healthy competition and open discussion to drive positive and informed policy-making change for the market overall," he adds.
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