Chi-X Canada ATS Limited, a wholly-owned subsidiary of global securities
firm Instinet and operator of Chi-X CanadaTM,
today announced that all TSX-listed securities*, approximately 2,200
stocks, are now available for trading on the system. The symbol
migration was completed ahead of schedule after starting with the
initial release of 10 names on February 20.
Additionally, Chi-X Canada announced today that it will add Smart Order
Routing functionality in early April 2008. Chi-X Canada’s
Smart Order Router will route to all visible Canadian marketplaces,
enabling its subscribers to capture the best available price. Once
introduced, Chi-X Canada will be the first Canadian market centre to
offer this capability.
“We are encouraged by the early results of
Chi-X Canada, and expect trading volumes to continue to increase now
that our symbol migration is complete,” said
Tony Mackay, CEO of Chi-X Global, a holding company for Chi-X platforms. “We
believe that the Canadian community will find great value in the platform’s
unique combination of speed, price and functionality.”
“The addition of smart order routing
capability will be a significant differentiator for Chi-X Canada,”
added Tal Cohen, head of Chi-X Canada**. “Routing
orders at the market centre level means that investors not only receive
the best price available, but also do so in fastest manner possible,
which are two crucial components of best execution.”
* Includes all TSX-listed securities denominated in Canadian Dollars.
** Subject to regulatory approval.
About Chi-X CanadaTM
Operated by Chi-X Canada ATS Limited, member IDA/CIPF, Chi-X Canada is a
high-performance, fully anonymous and low-cost continuous alternative
trading system (ATS) for TSX-listed senior equities. Supporting a wide
array of advanced order types and based on strict price-time priority,
Chi-X Canada aims to provide trading efficiency and cost savings to
investors and ultimately to help increase market volumes as systems of
this nature have done in other markets around the world.
Based on the same technology that is currently powering Chi-X®
Europe and developed by ATS pioneer Instinet, Chi-X Canada has an
internal latency of less than one millisecond, or 1/1,000th of a second†.
Subscription is available to any IDA-regulated investment dealer with
membership in good standing in British Columbia, Manitoba, Ontario or
Quebec. The system is accessible to members for order entry through the
FIX (Financial Information eXchange) protocol, and market data is
available at no cost as a direct feed in the CHIXMD protocol, which is
similar to the ITCH protocol currently in use by other markets. For more
information, please visit the Chi-X Canada website at www.chi-xcanada.com.
† Internal latency,
which is the system’s ability to process
messages in its core rather than the round trip measurement, was
measured by Instinet to be 890 microseconds, or less than one
millisecond. Market volatility and volume may affect actual performance.
About Instinet
Instinet is a global securities firm, providing the world’s
most sophisticated fund managers with the necessary trading tools, ATS
platforms and global agency liquidity to achieve a high quality trade
execution in more than 80 securities markets around world. Acting solely
as an agent for its customers, Instinet seeks to improve institutional
investment performance and lower overall trading costs through its
various front-end trading systems, securities crossing networks,
smart-routing technology, algorithms, commission management programs and
investment research products. Instinet, through its subsidiaries,
operates a wide array of ATS platforms around the world, including CBXSM
in the United States, JapanCrossingSM in Asia
and Chi-X® in
Europe, Canada and, soon, Australia. The firm, which is a wholly-owned
subsidiary of Nomura Holdings, Inc., has offices in North America,
Europe and the Asia-Pacific region. For more information, please visit www.instinet.com.
©2008 Instinet, LLC. All rights reserved.
INSTINET is a registered trademark in the United States and in other
countries throughout the world. CHI-X is a registered trademark in the
UK and Europe. Approved for distribution in Canada by Chi-X Canada ATS
Limited, which is authorized and regulated by Market Regulation
Services, Inc.; approved for distribution in Europe by Chi-X Europe
Limited, which is authorised and regulated by the Financial Services
Authority; and approved for distribution in the United States by
Instinet, LLC, member FINRA/SIPC.
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