The Australian share market is no longer a one-exchange show. While the ASX remains a household name, Cboe Australia (CXA)—formerly Chi-X—has rapidly become a force for innovation and competition. As 2025 unfolds, CXA is not just providing an alternative trading venue; it’s actively shaping the future of market access, product diversity, and trading technology for Australian investors and financial professionals.
What is Cboe Australia (CXA)?
Cboe Australia (CXA) is Australia’s second-largest securities exchange. Originally launched as Chi-X in 2011, the platform was rebranded in 2022 after being acquired by global exchange operator Cboe Global Markets. CXA now offers trading in Australian shares, ETFs, quoted managed funds, and warrants—often at lower costs and with technological advantages over the legacy ASX.
- Market share: As of 2025, CXA regularly handles 20–25% of daily equity trading volume in Australia, making it a true competitor to the ASX.
- Products: Investors can trade ASX-listed shares, a growing range of ETFs, and unique investment products exclusive to CXA.
- Access: Most Australian brokers—including SelfWealth, Stake, and Openmarkets—now route trades through both ASX and CXA, ensuring broad access for retail and institutional clients.
Key Advantages and Innovations in 2025
As competition heats up, CXA has introduced several innovations and benefits for investors:
- Lower trading costs: CXA’s competitive fee structure often results in lower transaction fees for both brokers and end investors. In 2025, fee reductions on ETF trades have made CXA the preferred venue for many cost-conscious Aussies.
- Faster, smarter technology: The exchange’s matching engine boasts sub-millisecond execution speeds and advanced order types—including midpoint matching and iceberg orders—giving traders more flexibility and price improvement opportunities.
- Expanded ETF and fund access: CXA now lists over 200 ETFs and quoted managed funds, some of which are exclusive to the platform. This includes thematic ETFs (like green energy and AI), as well as actively managed funds that weren’t previously available on public exchanges.
- Trade-at-settlement: CXA’s TradeMatch service allows investors to buy or sell shares at the official closing price, mirroring a popular ASX feature and reducing end-of-day volatility.
- Regulatory momentum: With the Australian government’s 2024–25 push for more competition and transparency in financial markets, the ACCC and ASIC have supported CXA’s efforts to break the ASX monopoly. New regulations have made it easier for funds and brokers to dual-list or route trades via CXA.
Real-World Impact: What Investors Need to Know
For everyday Australians, the rise of CXA means more choice, better pricing, and greater transparency in share trading. Here’s what this looks like in practice:
- Better ETF pricing: Investors using brokers like SelfWealth and Stake often see tighter spreads and more liquidity in popular ETFs (such as VAS, A200, or NDQ) when trading on CXA versus the ASX.
- Unique investment opportunities: Funds like the Cboe BetaShares Climate Leaders ETF and actively managed fixed income funds are available only via CXA, opening up new portfolio strategies for retail and SMSF investors.
- Order routing: Many brokers now default to ‘best execution’—meaning your trade could be filled on ASX or CXA, whichever offers the best price at that moment. Some investors may not even realise they’re benefiting from CXA’s efficiencies.
- Settlement and CHESS: Trades executed on CXA settle on the same system (CHESS) as ASX trades, so there’s no difference in share ownership rights or custody for investors.
Notably, the 2025 push for CHESS replacement and digital settlement systems could see CXA and other exchanges further streamline the post-trade process, with government and industry support for open access and interoperability.
The Road Ahead: Will CXA Overtake the ASX?
While the ASX remains Australia’s largest exchange, CXA’s momentum is unmistakable. The 2025 financial sector review, led by the Treasury, has prioritised competition and resilience in market infrastructure. With CXA now hosting an increasing share of ETF launches, and brokers and fund managers openly supporting dual-listings, the exchange is poised for continued growth.
For investors, this means more choice, better pricing, and a future where Australia’s share market is no longer a one-horse race.
