Effective immediately, innerExchange clients can access Chi-X Europe using the inExDirect order routing and price dissemination gateway. Additionally, using innerExchangeâs smart order routing solution, inExPlore, customers can route orders to the best execution destination, or combination of destinations, in line with the client's MiFID compliant best execution policy. The inExplore smart router uses a proprietary Best Execution Active Routing (BEAR) algorithms and consolidated data feed to ensure that orders can be executed on the most appropriate venue taking into account cost, speed and other relevant factors.
âChi-X Europe offers clients faster, cheaper and smarter trading, and as part of this proposition, we are continually working with third parties to provide their end clients with access to the trading opportunities available on the platform,â said Hirander Misra, Director of Chi-X Europe Limited. âIn order to meet their best execution requirements, clients need smart order routing tools to enable them to compare different execution venues and take advantage of the trading choices available. Since launching at the end of March, we believe that our early statistics show clients can not only execute their trades at up to one tenth of the cost of trading on the stock exchanges, but also realise an average price improvements of between 1 and 3 basis points.â
Richard Ney, founder of innerExchange said âWe are delighted to offer our clients connectivity to Chi-X Europe which has already shown how the European trading landscape is changing. We are convinced that customers will increasingly have to adopt smart order routing technologies to take advantage of the potential cost savings, execution efficiencies and arbitrage opportunities which the development of multiple liquidity pools will undoubtedly offer. By combining access to Chi-X Europe with our inExplore smart routing application, our customers will be able to take full advantage of these opportunities.