Oddo & Cie, a Paris-based independent agency brokerage, has implemented MarketPrizm, a trading infrastructure platform provided by Chi-X Global Technology (Chi-Tech), the technology services unit of trading venue operator Chi-X Global.
MarketPrizm is an application service provider-based algorithmic trading infrastructure for brokerage firms. The implementation of the platform at Oddo & Cie provides the broker with inbound market data for selected markets, while trading technology firm Quod Financial, which Chi-Tech partnered with on the project, will supply the direct market access and smart order routing functionality. Chi-Tech also provides maintenance and operations support.
“MiFID has resulted in the need for brokers to provide new trading capabilities in order to remain competitive,” said Tarak Achiche, chief operating officer at Oddo & Cie, in a statement. “After an extensive search to find a technology partner that could help us meet our needs, we selected Chi-Tech’s MarketPrizm solution because, among other things, it enables us to efficiently and affordably manage our algo trading processes while helping our clients meet their best execution requirements.”
MarketPrizm was developed by technology firm Cicada, which Chi-X Global acquired in November 2008 to form Chi-Tech.