Trading technology provider Fidessa has established connectivity to Chi-X Australia and will offer market participants access to the venue when it launches at the end of next month.
Connecting to Chi-X Australia, which involved a vendor certification test, will help Fidessa establish its technology infrastructure for ASX Best, a smart order router that it is building in conjunction with the Australian Securities Exchange (ASX).
According to Fidessa, ASX Best will help participants meet their best execution obligations in the new multi-market trading environment by enabling the routing of orders to all lit and dark trading venues.
“We are pleased that Fidessa is working so closely with our trading participants as Australia opens equities trading to new entrants,” commented Jason Keady, director, markets and operations, Chi-X Australia. “Chi-X has collaborated successfully with Fidessa through our ventures around the world and we look forward to enjoying a similarly supportive and committed relationship with the firm in Australia.”
“We are encouraged by the contracts that we have already won as market participants rethink their technology in light of the impending market structure changes,” added Steve Grob, director of group strategy for Fidessa.
Upon launch on 31 October, Chi-X Australia will offer market participants an alternative to trading on the ASX. As well as its development of a smart order router with Fidessa, ASX is in the process of launching three new execution platforms targeted at traditional market participants, block traders and high-frequency traders.
Chi-X Australia first revealed its intention to launch in February 2008 but has been held up by a number of issues, including the financial crisis and a regulatory change required to facilitate the formation of alternative venues.
Fidessa's has more than 27,000 users across 950 buy-side and sell-side firms on its global network.