While Chi-X Europe, now part of BATS Global Markets (see Chris Isaacson, No. 6), shot to the top in pan-European equity trading, with market share exceeding 20 percent, other operations under the Chi-X Global Holdings umbrella, owned by a bank consortium, made similar inroads in Australia and Canada. Tal Cohen — Chi-X Global’s CEO since 2010 after two years heading Chi-X Canada and ten years with the Instinet unit of Nomura Holdings (which founded and still leads the Chi-X consortium) — sees Japan as an immediate growth opportunity and envisions his alternative exchange company’s future as that of a “serial global start-up.” Viewing the sprawling Asia-Pacific region as ripe for expansion, the 41-year-old says Chi-X will “advocate for positive market structure reform and acquire technologies to bring innovation, efficiency and, most importantly, transparency into that market.” A selling point, Cohen adds, is that New York–based Chi-X makes use of its own technology, which instills confidence among users. Three-year-old Chi-X Australia has an 18 percent market share. Chi-X Canada’s nearly 22 percent share includes the volume of the retail-focused CX2 platform, which was launched in September 2013 and accounts for 5 percent. At Chi-X Japan, in business since 2010, Nomura-Instinet veteran Makoto Nagahori was named president and CEO om February 2014 amid a surge of optimism about Abenomics’ effect on the markets. In July, the addition of Yamawa Securities Co. and Ark Securities Co. brought the number of trading participants to 23, and Chi-Match VWAP Cross, introduced in September, within a month was the fastest-growing, broker-neutral VWAP (volume-weighted average price) trade-crossing platform in Japan.