Chi-X Europe Launches "Chi-Vision" Smart Liquidity Consolidation Service.Instinet Europe becomes the first client to be connected to Chi-X Europe's new service which accesses the Chi-X MTF (1) (Modulation Transfer Function) A measurement of monitor sharpness. MTF compares the contrast ratio between alternating black and green lines that are one pixel thick. visible order book, Chi-Delta and external liquidity providers, including Citadel and Knight LONDON -- Chi-X Europe, operator of the largest pan-European equity multilateral trading facility (MTF), today announced the launch of Chi-Vision([TM]), its smart liquidity consolidation service. Available immediately for technical connectivity with pilot operation available later this month, Chi-Vision ("Venue Interfaced Smart Interactive Order Network") provides an additional service to access the Chi-X visible book, Chi-Delta([TM]) and a range of external liquidity providers from clients' connections to Chi-X Europe. Chi-Vision offers access to Chi-X Europe's MTF visible order book and its Chi-Delta non-displayed order book, as well as to external liquidity providers including Citadel Securities and Knight Capital Europe Ltd. Chi-Vision will connect to additional external sources of liquidity, subject to necessary approvals. Chi-Vision helps consolidate liquidity that clients otherwise could not access easily. Chi-Vision offers a range of flexible smart routing strategies to onward on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. route the order to the best possible destination based on a configuration chosen by the client. Since some external liquidity providers will be proximity hosted within the same primary data centre as Chi-X Europe's MTF matching engine, Chi-Vision's round trip latencies for onward routing will be, in some cases, below 400 microseconds, which ensures that execution probabilities are maximised and clients are able to take full advantage of the trading opportunities available. All orders executed through Chi-Vision are charged at the low rate of 0.3bps. As this is the same rate that liquidity "takers" are charged to execute on the Chi-X Europe's MTF visible order book and its Chi-Delta non-displayed book, participants are able to take advantage of access to multiple pockets of liquidity at no additional cost. Potential price improvement opportunities for trades are also increased as external liquidity providers either execute orders 1. An order issued by the Chairman of the Joint Chiefs of Staff, by the authority and at the direction of the Secretary of Defense, to implement a National Command Authorities decision to initiate military operations. 2. at or within a defined EBBO (European Best Bid or Offer) or at the mid price of the PBBO (Primary Best Bid or Offer). All trades executed through Chi-Vision are novated to EMCF EMCF Edna McConnell Clark Foundation as central counterparty Counterparty The other participant, including intermediaries, in a swap or contract. (CCP (Certified Computer Professional) The award for successful completion of a comprehensive examination on computers offered by the ICCP. See ICCP and certification. . 1. (language) CCP - Concurrent Constraint Programming. 2. ), thereby reducing the counterparty risk Counterparty Risk The risk to each party of a contract that the counterparty will not live up to their contractual obligations. Notes: In most financial contracts, counterparty risk is known as default risk. and avoiding the cost associated with bilateral settlement where participants settle directly with each other. User choice of CCP is planned for the end of Q3 2009, when Chi-X Europe expects to go live with previously-announced three-way interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. between EMCF, SIX x-clear and LCH LCH Launch LCH London Clearing House LCH Langerhans Cell Histiocytosis (medicine; immune system disorder) LCH Latch LCH Light Combat Helicopter LCH Lake Charles, LA, USA - Municipal (Airport Code) .Clearnet Ltd (www.chi-x.com/news/Chi-X%20Three-Way%20CCP.pdf). This will enable participants to achieve greater economies of scale by allowing margin offsets and netting for such trades alongside business conducted directly on the other MTFs and exchanges using those CCPs. In addition, external liquidity providers connected to Chi-Vision will be able to take advantage of bidirectional The ability to move, transfer or transmit in both directions. clearing efficiency by offsetting their trades against any trading activity executed on Chi-X Europe's MTF. Commenting on the announcement, Hirander Misra, COO of Chi-X Europe, said, "We are delighted to introduce the Chi-Vision service. Our approach to onward routing will enable Chi-Vision clients to efficiently access a number of external liquidity providers in addition to our own order books through a single connection, while also reaping the benefits of central counterparty clearing. This smart liquidity consolidation service complements the direct market access services that our sell side participants offer, which we believe will help attract even more liquidity to Chi-X Europe. We look forward to announcing connectivity to additional external liquidity providers in due course." Richard Balarkas, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Instinet Europe, stated, "We are delighted to be Chi-Vision's first client. Not only will our clients now have faster access to both the visible and non-displayed Chi-X Europe order books, but they will also have the ability to access the external liquidity providers. This should help us extend our number one position amongst European brokers for venue connectivity and smart order routing." Matteo Cassina cas·si·na also cas·se·na or cas·se·ne or cas·si·ne n. Botany 1. See dahoon. 2. See yaupon. [American Spanish, yaupon, from Timucua kasine.] , President, Citadel Execution Services Europe, added, "We are pleased to be providing our liquidity to Chi-X Europe's participant base. We welcome new initiatives to offer additional opportunities for liquidity discovery and execution performance and applaud Chi-X Europe's continued innovation, which constantly reflects the needs of its participants." Patrik Edsparr, CEO, Citadel Europe, added, "This represents a key step in improving our capabilities to our clients in Europe." Kee-Meng Tan, Managing Director, Knight Capital Europe Ltd., continued, "Knight and Chi-X Europe understand that smart liquidity discovery helps achieve best execution. Further, when trading entities interact and onward route, the market, as a whole, benefits. The alignment of Chi-Vision with Knight Link, our alternative liquidity platform, will allow us to further expand and diversify our existing market maker offering to bring together the broker dealer and retail communities. We look forward to continued collaboration with Chi-X Europe." About Chi-X([R]) Europe Chi-X Europe Limited is an FSA-authorised securities firm operating a multilateral trading facility (MTF). Chi-X Europe enables its trading participants to trade of a wide range of European equities in both a visible order book and the Chi-Delta([TM]) non-displayed order book, and through Chi-Vision([TM]) offers a separate routing service. Chi-X Europe's low-cost, streamlined operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. is designed to help trading participants achieve ultra-low execution, clearing and settlement costs, and benchmark tests have shown Chi-X Europe to be significantly faster than Europe's traditional equity exchanges. Chi-X Europe disseminates real-time market data to clients directly and via third-party market data vendors at no cost, and off-exchange trade reporting Trade reporting Dealer: In a trade between two registered Market Participants (MP), only the sell side reports the trade. Auction: In a trade between two member firms, only the sell side reports the trade. is available for a low monthly fee. For more information, please visit www.chi-x.com. [c]2009, Chi-X Europe Limited. All rights reserved. CHI-X is a registered trademark in the UK and Europe. Approved for distribution in Europe by Chi-X Europe Limited, which is authorised Adj. 1. authorised - endowed with authority authorized lawful - conformable to or allowed by law; "lawful methods of dissent" legitimate - of marriages and offspring; recognized as lawful and regulated by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . |
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