Chi-X Canada Connects
As demand for connectivity increases across North America, firms are continually looking for a secure and reliable network for executing trades. Member firms on IPC Systems’ Connexus Financial Extranet service will provide access to trade on Chi-X Canada and its recently launched CX2, making Chi-X the newest market center to join the Connexus network.
The new connection gives traders an extended reach into global capital markets around the world through Connexus’ high-speed bandwidth through multiple connections to end-points.
Traders will be able to access liquidity on both Chi-X Canada and CX2 through IPC’s FIX order flow and Market Data products, giving traders more choice through its cost effect solutions.
“We are pleased that IPC traders will have access to both Chi-X Canada and CX2. This is an exciting time for Chi-X, as we set a new record in August capturing 21% market share for TSX-listed securities,” said Dan Kessous, CEO of Chi-X Canada “Through Connexus, IPC traders will be able to take advantage of new trading opportunities and will be able to access new liquidity in the Canadian market.”
Chi-X Canada is a high-performance alternative trading system (ATS) marketplace for the trading of TSX and TSXV-listed securities. The market, which is the largest ATS platform in Canada, offers strict price/time priority, post-trade attribution, market-agnostic smart routing, advanced order types, trade reporting, risk management tools, historical market data, co-location and cross connectivity services.
The Connexus Financial Extranet is part of the IPC Financial Markets Network service portfolio, which also includes private extranet and DirectConnect data services, as well as trader and enhanced voice connectivity services.
IPC’s Financial Markets Network interconnects global financial centers and allows access to more than 4,000 market participant locations in over 700 cities in nearly 60 countries. Built on an IP/MPLS backbone, Connexus supports a number of industry standard and trading protocols.
“Connexus members can now trade on Chi-X Canada and CX2 via the secure network they are already familiar with,” said Joe Pickel, vice president, network services product management at IPC. “The Chi-X integration into the Connexus network has expanded to IPC customers and they can now trade on Canada’s largest ATS.”
IPC’s offerings include a unified communications/application platform, hard and soft turrets, electronic connectivity services including enhanced voice services, business continuity solutions, and service and support.
Owned by a consortium of major financial institutions, Chi-X Global operates Chi-X Australia, Chi-X Canada, Chi-X Japan and CX2. Its Chi-Tech technology services unit provides technology to its business lines and its Chi-FX platform is planned for launch in Brazil in 2013 in a venture with BM&FBOVESPA.
Like all of the Chi-X Global platforms, Chi-X Canada and CX2 aim to provide cost savings to investors through trading efficiencies, ultimately helping to improve investment performance.
Agency broker moves beyond execution to offer a broader suite of services.
Algorithms have become more prevalent in the spot FX market.
QB’s Algo Suite for futures market trade execution is also being co-located to HKEX.
Breaking data silos is key to deploying automation beyond 'nuisance' orders.
They can be used on quantum hardware expected to be available in 5 to 10 years.