To provide real-time trading risk management and frequent execution services for its MarketPrizm clients
Chi-X Global Technology, the technology services unit of Chi-X Global, has selected FTEN, to provide risk control and frequent execution services for clients of Chi-Tech’s MarketPrizm business line.
Reportedly, the combination of MarketPrizm’s infrastructure with FTEN’s execution and risk control platform is expected to allow clients to access a Pan-European trading service complete with multiple co-location sites, while managing and controlling trading risk at each. The company has stated that MarketPrizm clients using FTEN will be able to set real-time risk controls to continuously track order flow, conduct pre-trade checks, calculate real-time positions and monitor capital utilization across venues, funds or clients.
According to the company, MarketPrizm has an optimized dark fiber network linking 19 markets, which the company has branded PrizmNet, MarketPrizm provides neutral access to the region’s market centers as well as third-party applications and services.
Nicolas Levy, managing director for MarketPrizm, said: “MarketPrizm has been designed as a trading ecosystem that removes the technology and cost barriers firms face in maintaining the type of advanced infrastructure required for electronic trading in Europe today. Our close working relationship with FTEN and the easy availability of FTEN’s services to MarketPrizm’s clients is a key part of our strategy and approach.”
Ted Myerson, CEO of FTEN, said: “This announcement offers the European trading community an efficient path to enable real-time risk controls, across all markets, for their sponsored access business, as well as to expand their execution services to accommodate high-frequency trading across European market centers.”
FTEN is a privately held corporation with offices in New York City, Colorado (US) and London, England. It enables prime brokers to expand their execution services business by providing high-frequency execution and risk control platform to support their clients’ high speed ‘black box’ trade flow.