Chi-X Europe Limited, operator of the largest pan-European equity multilateral trading facility (MTF), today announced the launch of Chi-Velocity.
Available immediately, Chi-Velocity is a proximity-hosted risk management software layer located next to the Chi-X Europe primary matching engine that permits trading participants of Chi-X Europe to offer ultra-low latency Sponsored Direct Market Access (DMA) to their underlying clients.
Chi-Velocity offers a suite of configurable pre-trade controls, open exposure risk management controls, alerting functionality and a FIX order and trade feed that can be integrated with in-house risk management systems. As part of Chi-Velocity's pre-trade controls, trading participants can set a wide variety of restrictions and controls such as restricted stock lists, daily consideration and order limits and price range checking thresholds, among other features. Trading participants are able to license Chi-Velocity from Chi-X Europe and are provided with dedicated software instances on servers managed and maintained by Chi-X Europe.
Commenting on the announcement, Hirander Misra, COO of Chi-X Europe, said, "Since launching two and half years ago, we have been keenly aware of our trading participants' need for ultra-low latency connectivity and the ability to pass this along to their end clients as sponsored direct market access. In developing Chi-Velocity, we have sought to ensure that offering this low latency service to their end clients does not compromise our trading participants' risk management checks, as we have introduced controls which are adaptable to suit individual requirements and can easily be integrated into their own systems."