Trading platforms vendor GL TRADE has introduced a direct connection to Instinet’s Chi-X, the first pan-European equity alternative trading system (ATS), or multi-lateral trading facility (MTF) as it will be known once MiFID goes into effect in November 2007. Available immediately, traders can access Chi- X through any GL TRADE workstation.
The Chi-X model is to enable institutional investors to trade pan- European equities and achieve ultra-low execution, clearing and settlement costs.
GL TRADE says both internal and external benchmark tests showed the Chi-X operating model to be more than 10 times faster and significantly less expensive than Europe’s traditional equity exchanges.
GL TRADE will offer access to Chi-X both as a direct enterprise solution as well as a full ASP service. ASP Market Access for Chi-X will be provided through the GL NET, the international market data and order routing network, owned and operated by GL TRADE.
“We believe that Chi-X is poised to radically change the face of European equity trading offering latency and execution costs at less than one-tenth of the existing venues,” says Peter Randall, Director of Instinet Chi-X Limited. “With Chi-X connectivity in place, whether trading on Chi-X or another venue, GL TRADE clients can feel confident that they will achieve best execution.”
“Chi-X expands the choice of trading venues, thus fostering the competition encouraged by the MiFID. Using GL TRADE solutions for market data aggregation and smart order routing, our clients will benefit from the new playing field created by markets like Chi-X, which lead to more liquidity, more arbitrage opportunities and lower execution costs,” adds Philippe Carré, Global Head of Client Connectivity at GL TRADE.