The shareholders of electronic communications network company AXE ECN - NZX, Citigroup, Macquarie, Merrill Lynch, Goldman Sachs and Commonwealth Bank (CommSec) - advise that they have elected to cease operations of AXE ECN as a trading entity and wind up the company.
AXE was established in 2006, and made its original application for an Australian Markets Licence (AML) in early 2007. After a review and careful assessment of the market today, AXE does not see opportunities for its business model to generate sustainable economic returns and shareholders have therefore agreed to cease operations of the legal entity.