Hirander Misra, former chief operating officer of Chi-X Europe has resurfaced as CEO and founding director of new firm Algo Technologies.
Misra was a founder director of Chi-X Europe but quit last month to "pursue other interests" shortly after the appointment of Alasdair Haynes as chief executive.
With offices in London and New York, Algo Technologies will target the lucrative algorithmic trading market. The firm says it will offer near-zero latency market data and trading and matching.
It is currently developing an extensive dark fibre network to provide high speed market data and connectivity across all major international sites, in multiple data centre locations.
Specific products and trading platform developments will be revealed "shortly".
Mirsa's co-founders are Rami Habib and Alexei Lebedev, who both work at Algo Engineering, a US trading and technology development firm. The three founders and Algo Engineering own the new company.
Howard Morgan, president of Arca Group Inc, has been appointed as non executive chairman.
Says Misra: "We believe that there is increasing demand for ultra low latency trading software and services. Most vendor solutions do not adequately meet this need and are far too expensive. Algo Technologies will roll out products that create a sea change in speed and automation for the trading community."