Chi-X Global Technology (Chi-Tech), the technology division of trading platform operator Chi-X Global, has announced plans to launch MarketPrizm, a low-latency electronic trading network for the European market.
The new network is being developed by and is named after Chi-Tech’s MarketPrizm business, a unit of Cicada, the technology business Chi-X Global bought last year to form Chi-Tech.
MarketPrizm is underpinned by a ‘dark fibre’ fibre-optic communications network linking 19 venues, called PrizmNet. According to Chi-Tech, MarketPrizm provides neutral access to Europe’s market centres. It also offers fully-redundant co-location and proximity hosting infrastructure, a range of application services and low-latency market data delivered via a 10-gigabit-per-second network.
The application services, provided by MarketPrizm’s preferred suppliers, include pre- and post-trade risk management, order gateways, multi-venue market data acquisition, latency measurement and smart order routing.
The connectivity infrastructure supporting MarketPrizm is provided by networking solutions firm euNetworks Group.
“We are offering unparalleled flexibility and a fully-managed connectivity and application services suite that removes the technology and cost barriers to algo and high frequency trading in the UK and Europe,” said Nicolas Levy, MarketPrizm’s managing director, in a statement. “MarketPrizm offers a truly one-stop solution and represents a dramatic expansion of the service options now available to trading firms.”