Chi-X Canada, an alternative trading system (ATS), has completed its symbol migration, allowing it to trade all Toronto Stock Exchange-listed securities, and is planning to introduce smart order routing capability to the platform in early April.
The firm says the symbol migration was completed ahead of schedule after starting with the initial release of 10 names on 20 February.
When it arrives, Chi-X Canada’s smart order router will route to all visible Canadian marketplaces, which the ATS claims will allow its subscribers to capture the best available price. Once introduced, Chi-X Canada will be the first Canadian market centre to offer this capability.
“We are encouraged by the early results of Chi-X Canada, and expect trading volumes to continue to increase now that our symbol migration is complete,” said Tony Mackay, CEO of Chi-X Global, a holding company for Chi-X platforms, in a statement “We believe that the Canadian community will find great value in the platform’s unique combination of speed, price and functionality.”
Tal Cohen, head of Chi-X Canada, added, “The addition of smart order routing capability will be a significant differentiator for Chi-X Canada. Routing orders at the market centre level means that investors not only receive the best price available, but also do so in fastest manner possible, which are two crucial components of best execution.”