Chi-X Canada ATS Limited, a wholly-owned subsidiary of global agency broker Instinet and operator of Chi-X Canada, will start trading on Wednesday 20 February 2008.
Chi-X owners Instinet say a complete listing of stocks initially available for trading, followed by a schedule for additional securities, will be published closer to the launch.
“After consulting with key industry participants — including prospective clients, regulatory organizations and technology vendors, we decided on the February 20 launch date to give the Canadian investment community ample time to prepare for Chi-X Canada,” says Tal Cohen, SVP at Instinet.
Chi-X Canada, whose technology currently underpins Chi-X Europe, has been available for testing by market participants since June 2007, and will continue to be available through the 20 February launch.
Chi-X Canada is an anonymous alternative trading system (ATS) for TSX-listed equities.
Based on the same technology that is currently being used by Chi-X Europe - it was developed by Instinet - -X Canada has an internal latency of less than one millisecond, or 1/1,000th of a second.
Subscription is available to any IDA-regulated investment dealer with membership in good standing in Ontario. The system is accessible to members for order entry through the FIX (Financial Information exchange) protocol, and market data is available as a direct feed in the CHIXMD protocol, which is similar to the ITCH protocol currently in use by other markets. Chi-X Canada will disseminate its market data at no cost. Additional pricing information will be made available before its launch, says Instinet.
Prospective clients or technology vendor partners interested in testing should contact Chi-X Canada at 888-310-1560 or operations@chi-xcanada.com.