High-speed trader takes control of Chi-X A former high-frequency trader will soon take control of the only rival to Australia's main stock exchange. John Fildes - who oversaw the entry into the local market of global high-speed trading firm Getco - has been appointed new chief executive of Chi-X Australia, the only competitor to the Australian Securities Exchange. Mr Fildes will replace current boss Peter Fowler, and will take the reins on May 1. "I would like to welcome John to the team during this exciting time for the firm," head of Chi-X Global, Tal Cohen, said in a statement today. "I would also like to thank Peter Fowler for his contributions to Chi-X Australia over the last six years and his unwavering belief in the benefits of competition," he said. Mr Fowler has been chief executive of Chi-X since it began operating in Australia in October 2011. He announced he would be stepping down from the role in November last year. Mr Fildes has held senior capital markets roles at Morgan Stanley, MSCI and Instinet, and has worked in or with the Australian market for two decades. Since February 2010, the volume of equity market turnover attributed to high-speed traders has grown from 3 to 4 per cent to nearly 30 per cent. Carole Comerton-Forde, of ANU's College of Business and Economics, has said the arrival of Chi-X Australia, and the launch in 2010 of the ASX's high-speed distribution network (ASX Net) and improved co-location facilities (ASX Liquidity Centre), made Australia more attractive for high-speed traders. Two weeks ago, the Australian Securities and Investments Commission released its report on the impact that high-speed trading was having on local financial markets. The ASIC report found there was little evidence that HFTs had been manipulating markets. The finding ran contrary to concerns of some traders and fund managers.