Tbricks, a Swedish-based automated trading systems provider, has connected to pan-European multilateral trading facility (MTF) Chi-X.
“The main demand for the Chi-X connection was coming from prop trading firms that require high frequency trading, low latency and low cost of execution,” Urs Rutschmann, COO of Tbricks told theTRADEnews.com. Rutschmann also said clients were increasingly keen to use the MTF to trade Swedish stocks. Chi-X has offered trading in large-cap Swedish stocks since March.
Tbricks targets its offering towards proprietary trading firms, traders at investment banks and hedge funds. Currently the firm offers connections to trading venues including Eurex and NYSE Euronext, with others in the pipeline.
“As part of our strategy, we will connect to all relevant new trading venues as they come along, including Turquoise, Nasdaq OMX Europe and BATS Europe,” added Rutschmann. “Our system enables easy and ultra fast integration to these markets.”
However, Rutschmann added that some connections are dependent on exchange upgrades. “We are timing our roll-out plan with technological enhancements at exchanges, as many cash exchanges are now focusing on standard FIX integration, such as LSE and Nasdaq OMX,” he said.