The first stock exchange to rival the Australian Securities Exchange officially launched yesterday, although brokers noted sparse action on the new exchange in its first day.

Chi-X Australia, which is owned by Japanese investment bank Nomura, began operations with a "soft launch" on Monday that offered trading in eight securities through 22 brokers. The opening of Chi-X came after months of preparation from the exchange and brokers, and as part of a government move to promote competition in the country's financial markets, where the ASX has been the country's only stock exchange.