Chi-X Global Technology, LLC ("Chi-Tech"), the technology services unit of Chi-X Global Inc., today announced it has selected FTEN to provide risk control and high-frequency execution services for clients of Chi-Tech's MarketPrizm business line.
MarketPrizm is a European trading ecosystem designed to solve the challenges firms face in deploying and maintaining a flexible, state-of-the-art architecture for all types of electronic trading. Powered by an optimized dark fiber network linking 19 markets, which the company has branded PrizmNetTM, MarketPrizm provides completely neutral access to the region's market centers as well as a range of third-party applications and services.
The combination of MarketPrizm's infrastructure with FTEN's execution and risk control platform will allow clients to access a Pan-European trading service complete with multiple co-location sites, while managing and controlling trading risk at each. Beyond high-speed access to multiple venues, MarketPrizm clients using FTEN will be able to set real-time risk controls to continuously track order flow, conduct pre-trade checks, calculate real-time positions and monitor capital utilization across venues, funds or clients.
"MarketPrizm has been designed as a trading ecosystem that removes the technology and cost barriers firms face in maintaining the type of advanced infrastructure required for electronic trading in Europe today," said Nicolas Levy, Managing Director for MarketPrizm. "Our close working relationship with FTEN and the easy availability of FTEN's services to MarketPrizm's clients is a key part of our strategy and approach."
"This announcement offers the European trading community an efficient path to enable real-time risk controls, across all markets, for their sponsored access business, as well as to expand their execution services to accommodate high-frequency trading across European market centers," said Ted Myerson, CEO, FTEN. "Participants across Europe are actively looking for trading solutions that offer high-speed executions, tightly managed pre-trade risk controls and trade surveillance reports, along with neutral multi-venue access," continued Myerson.
MarketPrizm's connectivity options and component applications are delivered via an open, neutral framework that allows clients to select the precise solution that meets their business and technology requirements. This open delivery framework also enables the company to provide components that fit into and enhance a client's existing technology stack.
MarketPrizm is a business line of Chi-Tech, a leading provider of trading infrastructure solutions to global market centers and market participants.