Chi-X Canada ATS Limited, a wholly-owned subsidiary of Instinet Incorporated and operator of Chi-X™ Canada, today announced it has completed the rollout of its SmartRouter™ technology to subscribers. With this service in place, Chi-X Canada is the first and only Canadian market centre to offer smart-order routing.
Chi-X Canada’s proprietary SmartRouter is based on the next generation of Instinet's existing smart-order routing technology. The service not only routes orders to the Canadian market centre with best available price – the main stipulation of the Investment Industry Regulatory Organization of Canada’s (IIROC) best price obligation – but also allows users to post buy or sell orders on multiple markets. Chi-X Canada believes this market-level innovation will soon become a critical component for all market centres in Canada.
“Our proven, proprietary smart-order routing technology is a significant differentiator, as we are the first and only market centre to offer this service today,” said Tal Cohen, head of Chi-X Canada. “We also believe that this offering will play a large role in helping brokers meet their best price obligation, and that it is consistent with IIROC’s recent comments suggesting that this functionality should exist at the market centre level.”
Chi-X Canada’s low-cost routing technology includes no minimum usage obligations or additional monthly or annual subscription fees. Interested clients should contact Chi-X Canada at 888-310-1560 or sales@chi-xcanada.com.