Chi-X Canada completes roll out of smart routing technology

Source: Chi-X Canada ATS Limited

Chi-X Canada ATS Limited, a wholly-owned subsidiary of Instinet Incorporated and operator of Chi-X Canada, today announced it has completed the rollout of its SmartRouter technology to subscribers.

With this service in place, Chi-X Canada is the first and only Canadian market centre to offer smart-order routing.

Chi-X Canada's proprietary SmartRouter is based on the next generation of Instinet's existing smart-order routing technology. The service not only routes orders to the Canadian market centre with best available price - the main stipulation of the Investment Industry Regulatory Organization of Canada's (IIROC) best price obligation - but also allows users to post buy or sell orders on multiple markets. Chi-X Canada believes this market-level innovation will soon become a critical component for all market centres in Canada.

"Our proven, proprietary smart-order routing technology is a significant differentiator, as we are the first and only market centre to offer this service today," said Tal Cohen, head of Chi-X Canada. "We also believe that this offering will play a large role in helping brokers meet their best price obligation, and that it is consistent with IIROC's recent comments suggesting that this functionality should exist at the market centre level."

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