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August 2, 2009

Chi-X Europe Launches Chi-Vision

A liquidity consolidation service

By CBR Staff Writer

Chi-X Europe, operator of the European equity multilateral trading facility (MTF), has launched Chi-Vision, a liquidity consolidation service. Available immediately for technical connectivity with pilot operation available later this month, Chi-Vision provides an additional service to access the Chi-X visible book, Chi-Delta and a range of external liquidity providers from clients’ connections to Chi-X Europe.

Chi-X Europe has said that Chi-Vision offers access to its 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 helps consolidate liquidity that clients otherwise could not access easily. Chi-Vision offers a range of routing strategies to onward route the order to the best possible destination based on a configuration chosen by the client.

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.”

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