Chi-Tech Selects FTEN's Risk Controls for Pan-European Trading Service

Chi-Tech integrates FTEN into MarketPrizm offering to provide risk management as hi-fi trading grows in Europe.

Chi-X Global Technology LLC (Chi-Tech) has integrated FTEN’s real-time risk management controls and high frequency execution services into its MarketPrizm business unit for Pan European trading.

MarketPrizm is a European trading ecosystem launched about a year-and-a half ago by Chi-Tech, the technology services unit of Instinet subsidiary Chi-X Global, which is designed to address the challenges of deploying and maintaining an advanced infrastructure for electronic trading in Europe.

"What is really new here is that we are including FTEN as a preferred partner for risk management and market execution platform, which is adding a lot of value to the client who wants to use this software,” said Nicolas Levy, managing director for MarketPrizm in London, in an interview with Advanced Trading. Secondly, Levy said, Chi-Tech has a new Pan European network — a 10Gig mesh network — which is extremely quick and full fiber and high bandwidth, which is giving the users the best infrastructure for success in high frequency trading,” added Levy.

In August, Chi-Tech launched a new ultra- low-latency dark fiber, 10 gigabit per second (Gbps) network linking 19 markets and execution venues in Europe, which the company has branded as PrizmNet.

According to Ted Myerson, CEO of FTEN, the MarketPrizm offering is a one-stop shop for clients to select from and it’s complementary to the client bases that both firms are serving.

"It's really what the European community is requiring now," said Myerson, who said the goal is “to provide a passport to the European trading community, both for the buy side and the sell side. It's an agnostic offering to cover both market segments," explained Myerson. "The challenge firms have now is the investment dilemma. If they are too late, they can lose and if they invest too aggressively, they can end up with over capacity," said Myerson."

The combination of MarketPrizm’s infrastructure with FTEN’s execution and risk control platform will allow clients to access a Pan European trading service complete with multiple co-location sites, while managing and controlling risk at each venue, stated the release.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio