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Chi-X Global Holdings LLC today announced that Rakuten Securities Inc. is undertaking development to be the first broker dealer in Japan to deploy Chi-X’s smart order routing technology.
Chi-X Global will leverage its proven smart routing technology, to provide the first implementation of this technology in Japan. The smart routing solution will take in real-time market data feeds from lit venues and process this data to facilitate routing in accordance with Rakuten’s best execution strategy.
Tal Cohen, CEO, Chi-X Global commented “We are excited that Rakuten Securities has selected Chi-X Global to provide a solution that will help its customers access better prices, ultimately lowering the overall cost of trading. Our customizable smart routing technology, which has been leveraged by Chi-X Canada participants since 2008, will be adapted to the Japanese market to assist Rakuten in sourcing the best price across all markets and capture price improvement opportunities for its retail customers.”
Cohen continued “Since the introduction of competition in Japan, participants have been evaluating best execution and the most efficient way to access multiple markets. We understand that smart routing is a critical function in today’s environment and we are pleased to introduce a solution that will remove some of the complexities when accessing multiple venues. We believe that retail investors, as well as institutional investors, should be given the opportunity to realize the benefit of better prices on PTSs”
