Instinet, a global agency broker and wholly-owned subsidiary of Nomura Holdings, announced on Wednesday that it has changed the name of its forthcoming alternative trading system (ATS) for Canadian equities to Chi-X Canada. The platform was previously known as Instinet Canada Cross (ICX).
"In a relatively short amount of time, we have seen an awareness of our Chi-X brand take hold around the world among both dealers and institutions," says Anthony Abenante, co-CEO, Instinet. "That being the case, Instinet intends to standardise both the technology of our displayed ATS platforms and its branding as Chi-X," he explains.
"We are excited to leverage the brand awareness that Chi-X Europe has achieved," comments Tal Cohen, senior vice president, Instinet. "Additionally, given that both Chi-X Canada and Chi-X Europe are based on the same technology platform, with identical market data and order entry formats, we feel this name change will simplify the certification process for current Chi-X Europe customers that intend to connect in Canada," he continues.
We are excited about the promise that the platform presents for the Canadian marketplace, and we are looking forward to become an early adopter of Chi-X Canada as well," remarks Dmitri Galiametdinov, director, advanced execution services (AES), Credit Suisse.