Instinet says that ULLINK is now offering connectivity to Chi-X, its European equity alternative trading system (ATS), or multi-lateral trading facility (MTF) as it will be known once MiFID goes into effect in November.
From today, ULLINK users can access Chi-X through their ULBRIDGE connectivity and order routing platform. ULLINK’s “Best Execution Engine” aims to aggregate and analyze all relevant information to route orders to the best execution destination or combination of destinations, according to the client’s MiFID-compliant best execution policy.
“With latency and execution costs that are less than one-tenth of existing venues, we believe that Chi-X is poised to radically change the face of European equity trading,” says Hirander Misra, Director of Instinet Chi-X Limited.
“Quite simply, today’s agreement helps ULLINKclients achieve best execution, be it on Chi-X or another venue, by applying ULLINK’s sophisticated technology that considers price, speed and order type in the routing of orders.”
“We are pleased to offer our clients connectivity to the first pan-European MTF,” adds Laurent Useldinger, CEO of ULLINK. “We have developed our Best Execution Engine to help customers address their MiFID obligations. This joint proposition will enable customers to automate their best execution requirements and increase their speed of trading. Chi-X is the newest addition to our library of 260 plug-and-trade connectors that give access to order routing networks, order management systems, exchanges, ECNs and MTFs in all asset classes throughout the globe. Thanks to our unique technology, these connections can be integrated in our clients’ trading environments within an impressive timeframe and without any development on their side.” Internal and external benchmark tests have shown the Chi-X operating model to be more than 10 times faster and significantly less expensive than Europe’s traditional equity exchanges.
Chi-X disseminates market data to clients directly and via third party market data vendors at no cost, and trade reporting is available for a flat monthly fee of £210 per calendar month.
ULLINK is a provider of FIX connectivity and trading applications which offers links to over 260 brokers, exchanges, order routing networks and trading applications.