Cboe Australia (CXA): The Future of Trading in 2026

Cboe Australia (CXA), previously known as Chi-X, is the country’s second-largest securities exchange. Since its launch in 2011 and subsequent rebranding in 2022, CXA has grown steadily, offering trading in Australian shares, exchange-traded funds (ETFs), quoted managed funds, and warrants. The platform is operated by Cboe Global Markets, a major global exchange operator, and is recognised for its focus on innovation and competition in the Australian market.

CXA provides an alternative trading venue to the ASX, with many brokers now routing trades through both exchanges. This dual access gives investors more options and can lead to better outcomes in terms of pricing and product availability.

Increased Competition and Choice

The presence of CXA has introduced genuine competition to the Australian share market. Investors can now access a wider range of products and benefit from more competitive trading conditions. Brokers commonly offer access to both ASX and CXA, allowing trades to be executed on the venue offering the best price or liquidity at any given moment.

Broader Product Range

CXA lists a growing selection of ETFs, quoted managed funds, and warrants. Some investment products are exclusive to CXA, including certain thematic ETFs and actively managed funds. This expansion gives investors more tools to diversify their portfolios and pursue different investment strategies.

Technological Advancements

CXA is known for its advanced trading technology. The platform’s matching engine is designed for speed and efficiency, supporting a variety of order types such as midpoint matching and iceberg orders. These features can help investors achieve better execution and manage their trades more effectively.

Cost-Effective Trading

One of the key advantages of CXA is its competitive fee structure. Lower transaction costs can benefit both brokers and end investors, particularly those who trade frequently or focus on cost-sensitive products like ETFs. Over time, this has contributed to CXA’s growing popularity among retail and institutional investors alike.

Access to ETFs and Managed Funds

CXA offers access to a wide range of ETFs and quoted managed funds, including some that are not available on other exchanges. This includes funds focused on emerging themes such as technology, sustainability, and specific sectors. For investors seeking exposure to new markets or strategies, CXA’s product lineup provides valuable options.

Trade-at-Settlement and Order Routing

CXA supports trade-at-settlement functionality, allowing investors to buy or sell shares at the official closing price. This feature can help reduce end-of-day volatility and align with common trading practices on the ASX. Many brokers now use ‘best execution’ policies, meaning trades may be routed to either ASX or CXA depending on where the best price is available.

Settlement and Ownership

Trades executed on CXA settle through the same CHESS system used by the ASX. This ensures that investors have the same ownership rights and custody arrangements, regardless of which exchange their trade is executed on. The ongoing industry focus on digital settlement and system upgrades may further streamline this process in the coming years.

More Competitive Pricing

The introduction of CXA has led to tighter spreads and improved liquidity for many popular shares and ETFs. Investors may find that trading on CXA results in better pricing, particularly for high-volume products. This can make a meaningful difference over time, especially for those who trade regularly.

Greater Transparency and Choice

With two major exchanges operating in Australia, investors benefit from increased transparency and the ability to choose between different trading venues. This competition encourages both exchanges to innovate and improve their offerings, ultimately benefiting the end user.

Access to Unique Investment Opportunities

Some funds and products are listed exclusively on CXA, providing access to investment opportunities that may not be available elsewhere. This can be particularly valuable for investors looking to diversify their portfolios or explore new themes and strategies.

CXA’s growth reflects a broader trend towards greater competition and innovation in Australia’s financial markets. The exchange continues to attract new product listings and support from brokers and fund managers. As regulatory bodies and industry participants focus on improving market infrastructure, CXA is well-positioned to play a central role in the future of Australian trading.

While the ASX remains the largest exchange, the presence of CXA ensures that investors have more choice and flexibility than ever before. This competitive environment is likely to drive further improvements in pricing, technology, and product diversity in the years ahead.

For Australian investors, the rise of CXA means:

• More options for trading shares, ETFs, and managed funds
• Potential for better pricing and lower costs
• Access to exclusive investment products
• Continued improvements in trading technology and execution

As the market continues to evolve, staying informed about the available trading venues and their features can help you make the most of your investment opportunities. If you’re interested in exploring what CXA has to offer, speak with your broker about accessing CXA-listed products and consider how this innovative exchange could fit into your investment approach in 2026 and beyond.