Chi-X Australia Ltd., the market that will challenge the 150-year-old monopoly of the ASX Group, says it remains on course to begin business on October 31.

Chi-X has received a licence to become an exchange. But at the end of this month it will provide information to the Australian Securities and Investments Commission (ASIC) to demonstrate it has satisfied the key conditions detailed in its licence, says Peter Fowler, chief operating officer of Chi-X Australia.

By mid-October ASIC is expected to have reviewed Chi-X’s information. Subject to ASIC approval, Chi-X will give the financial community two weeks’ notice, as required by law, and then it will begin business on October 31.

“Are we on track? Yes,” says Fowler. “But the process is not something we have total control over.”

He expects ASIC to deal “promptly and efficiently” with its assessment of whether Chi-X has met its licence conditions.