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Fidessa Connects to Chi-X Canada
Canada, 5th May 2008 - FPL Canadian Electronic Trading Conference, 5th May Fidessa group plc (LSE:FDSA) the world leading provider of trading systems, market data and global connectivity, today announced its provision of connectivity to Chi-X Canada, the high-performance, fully anonymous and low-cost alternative trading system (ATS) offering a continuous auction market in securities listed on the Toronto Stock Exchange. The connectivity arrangement offers Fidessa users an additional source of displayed liquidity in the Canadian marketplace.
“We’re excited to announce today’s connectivity arrangement with Fidessa, as it provides market participants with more choice in how they route orders to and receive pricing information from Chi-X Canada,” said Tal Cohen, head of Chi-X Canada.
Chi-X Canada is a high-performance, fully-anonymous and low-cost continuous alternative trading system (ATS) for TSX-listed securities. Chi-X Canada supports a wide array of advanced order types, is based on strict price-time priority and provides participants with the ability to smart route orders to any displayed equities marketplace in Canada.
Access to Chi-X Canada is available through the Fidessa Canadian trading platform, as well as via FIX through Fidessa’s global connectivity network. With the advancement of smart order routing functionality within Fidessa’s trading platform, users can be assured that they are achieving best execution in a market system with multiple displayed quotes.
Ron Lee, head of Fidessa Canada say: “Fidessa continues to connect to new liquidity venues in Canada as they launch. Chi-X Europe is proving itself as a popular liquidity destination and we are confident that the uptake for connectivity to Chi-X Canada by our customers will be strong.”
Fidessa’s Canadian trading platform combines electronic order and execution workflow along with real-time, multi-currency trading, position keeping and reporting. Fidessa’s advanced trading tools include: Pairs trading, List Management and Wave trading tools along with Fidessa BlueBox; Fidessa’s Algorithmic Management System (AMS) that is totally integrated within the Fidessa Order Management System (OMS). Comprehensive real-time market data is also seamlessly integrated into Fidessa, including fundamentals, charts and historical trade time and sales displays.
The Fidessa product suite provides integrated trading, market data and connectivity solutions to over 22,000 users at around 520 clients around the world, and serves over 85% of global, tier-one equity brokers. The Fidessa network provides global connectivity to around 1,500 buy-side institutions, 255 brokers and 92 exchanges globally.
About Chi-X CanadaTM
Operated by Chi-X Canada ATS Limited, member IDA/CIPF, Chi-X Canada is a high-performance, fully anonymous and low-cost continuous alternative trading system (ATS) for TSX-listed senior equities. Supporting a wide array of advanced order types, based on strict price-time priority and providing the ability to smart route orders to any displayed equities marketplace in Canada, Chi-X Canada aims to provide trading efficiency and cost savings to investors and ultimately to help increase market volumes as systems of this nature have done in other markets around the world.Based on the same technology that is currently powering Chi-X Europe and developed by ATS pioneer Instinet, Chi-X Canada has an internal latency of less than one millisecond, or 1/1,000th of a second.
Subscription is available to any IDA-regulated investment dealer with membership in good standing in British Columbia, Manitoba, Ontario or Quebec. The system is accessible to members for order entry through the FIX (Financial Information eXchange) protocol, and market data is available at no cost as a direct feed in the CHIXMD protocol, which is similar to the ITCH protocol currently in use by other markets. For more information, please visit the Chi-X Canada website at www.chi-xcanada.com.
† Internal latency, which is the system’s ability to process messages in its core rather than the round trip measurement, was measured by Instinet to be 890 microseconds, or less than one millisecond. Market volatility and volume may affect actual performance.
About Fidessa group
Fidessa group is the leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and connectivity solutions for firms involved in trading the world’s financial markets. Fidessa’s products and services are built on the simple vision of making it easier to buy, sell and own financial assets of all types on a global basis.
Pedigree
A dynamic, growing company with a proven track record, Fidessa is recognised as the thought leader in the marketplace, with an unrivalled set of products and services which set the benchmark for this industry and, uniquely, serve both the buy-side and sell-side communities globally.
Experience
With over 28 years’ experience delivering powerful, resilient, mission-critical systems, Fidessa develops all its products itself from the ground up, investing heavily in their continual evolution. The resulting leading-edge, truly integrated solutions have established Fidessa as the industry’s number one choice, and are used by over 85% of tier-one, global financial institutions.
Scale
Headquartered in London and with regional operations across Europe, North America, Asia, and the Middle East, Fidessa supports 25,000 users across 850 clients, serving a broad spectrum of customers from major investment banks and asset managers through to specialist niche brokers and hedge funds.
Established
Fidessa group is listed on the London Stock Exchange (symbol FDSA) and is a FTSE 250 company. Fidessa has a turnover of around £240m, has delivered 30% compound growth since its 1997 listing and now employs 1,500 people globally.
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