The AXE electronic communications network (ECN), which has been awaiting regulatory approval to launch in Australia, has added a new backer. Credit Suisse will join the New Zealand Exchange (NZX) and investment banks Commonwealth Securities, Goldman Sachs JBWere, Macquarie Securities and Merrill Lynch & Co. as co-owners of the ECN, which was founded by NZX in 2006. The firms did not disclose the financial terms of the deal.
"AXE's commitment to deliver a market of high integrity, ongoing innovation, attractive pricing and unwavering client focus is understood by the financial services sector in Australia," said Greg Yanco, chief executive of the ECN. "We believe Credit Suisse and our other shareholders want to deliver the same value to their clients." AXE says that its backers account for more than 40 percent of equity trading in securities listed on the Australian Securities Exchange, which regulators are expected to soon expose to competition.
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