The Chicago Stock Exchange (CHX) says it has completed the migration of trading in all securities to a new system that supports fully automated trading of all National Market System (NMS) securities with immediate display, execution and cancellation of orders required by Regulation NMS.
CHX claims the new platform “provides an opportunity for participants and their customers to receive efficient and low-cost executions without sacrificing full exposure to the national market system.”
It adds in a statement that CHX now offers “the immediacy, capacity and competitive pricing demanded by professional and algorithmic trading firms while continuing to service the needs of online, full service and institutional broker-dealers with high levels of service and continued access to the CHX routing network.”
The new technology and rule structure offer a wide variety of order types including “Reserve Orders,” “Undisplayed Orders,” and “Midpoint Crosses.”
CHX offers the ability to transact business in virtually all NYSE, AMEX, NASDAQ issues. With a matching engine and connectivity to multiple order sending firms and market-makers, the CHX system aims to offer functionality beyond the simple matching of orders.
The exchange claims to be an “ideal venue” for hedge funds, options market markers, quantitative, professional and active individual traders that require immediate and automated execution, while continuing to serve the needs of traditional broker-dealer clients and the individual investors they represent.