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Instinet, a global agency broker and wholly-owned subsidiary of Nomura Holdings, Inc., today announced that it has changed the name of its forthcoming ATS (alternative trading system) for Canadian equities to Chi-X Canada(TM). The platform was previously known as ICX(SM) (Instinet Canada Cross).
“In a relatively short amount of time, we have seen a very strong awareness of our Chi-X brand take hold around the world among both dealers and institutions,” said Anthony Abenante, co-CEO of Instinet. “That being the case, Instinet intends to standardize both the technology of our displayed ATS platforms and their branding as Chi-X.”
“We’re excited to leverage the strong brand awareness that Chi-X Europe has achieved,” said Tal Cohen, Senior Vice President at 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.”
“At Credit Suisse AES, we are always early adopters of innovative trading destinations that enhance liquidity for our clients. Chi-X Europe has proven itself to be a quality destination that is providing European investors with faster and cheaper trading,” said Dmitri Galiametdinov, Director at Advanced Execution Services (AES) of Credit Suisse. “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.”
The Chi-X name is derived from the 22nd letter of the Greek alphabet, “?”, symbolizing the “crossing,” or matching, of the two sides of a trade. Along with the “X” from the English alphabet, the entire name signifies a combination of the old world and modern world, or traditional securities trading techniques married with cutting-edge technology.
Introduced in April 2007, Chi-X Europe is a pan-European, equity MTF (Multi-Lateral Trading Facility) for the trading, clearing and settlement of the component stocks of the FTSE 100 (British), CAC 40 (French), AEX 25 (Dutch) and DAX 30 (German) indices.
