The TOB rule requires investors who approach a five percent stake in a company\u2019s outstanding shares to launch a tender offer if they are trading off exchange, causing many participants to have concern for
\ninadvertently breaching the rule when trading on a PTS. The exemption will allow investors to trade on Chi-X Japan without concern for breaching the TOB rule.<\/p>\n
\u201cChi-X has long advocated for harmonized rules across venues that support fair and equal access for all investors, and today\u2019s announcement is a significant step in the right direction,\u201d said Yasuo Hamakake, CEO, Chi-X Japan. \u201cWe 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.\u201d<\/p>\n
Hamakake continued: \u201cWe 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
\nmarket overall.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Financial Services Agency (FSA) announced that as of 31 October 2012, Chi-X\u00ae Japan Limited, a wholly owned subsidiary of alternative trading venue operator Chi-X\u00ae Global Holdings LLC, will be designated as a proprietary trading system (PTS) on which transactions are exempt from the Take-Over-Bid (TOB) rule of the Financial Instruments and Exchange Act.<\/p>\n","protected":false},"author":20,"featured_media":25652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1663,1743,1671,1699,1651,1437,2103],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/25654"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=25654"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/25654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/25652"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=25654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=25654"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=25654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}