The Toronto Stock Exchange and TSX Venture Exchange are to provide market participants with a new smart order routing solution powered by Citi’s Lava ColorBook II technology.
According to a statement by Citi and TSE operator TSX Group, the solution will execute orders at various Canadian marketplaces seeking the best available prices, provide customers with a low-latency smart router that aggregates full depth market data feeds and provides a suite of special order types for accessing liquidity across multiple market centres. It is scheduled to be introduced in the fourth quarter of 2008.
“This agreement underpins our commitment to providing leading-edge, best execution solutions for our customers,” said Tom Kloet, CEO, TMX Group, the world’s seventh largest exchange group. “We are looking forward to launching the ColorBook II intelligent routing technology integrated with the TSX Quantum platform, and are confident it will provide our customers with exceptional performance and a competitive advantage in trade execution,” he remarked.
“We are confident that this first international partnership for ColorBook will provide TMX Group customers with superior execution and demonstrates the technology and trading solutions we are able to provide,” said Richard Evans, head, global equities electronic execution, Citi.