CIX Trading Inc. has launched its alternative trading system (ATS) in Canada, becoming the first new standalone Canadian equity marketplace in more than a decade.

London's trading industry is coming home!

The launch comes as Canada's equity-market infrastructure is also undergoing consolidation. Earlier this year, TMX agreed to acquire Cboe's Canadian exchange businesses, including Cboe Canada and MATCHNow, in a deal valued at $300 million.

CIX Starts Trading With 25 Securities

CIX has started live trading with around 25 actively traded securities. It plans to expand coverage to about 100 securities before moving to full symbol coverage as part of the initial rollout.

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The new marketplace is powered by technology from IntelligentCross, a US equity ATS operated by Imperative Execution. CIX has introduced three separate trading venues, each offering a different way for market participants to trade and access liquidity.

IntelligentCross MIDPOINT allows trades to take place at the midpoint of the best available buying and selling prices without displaying orders publicly. ASPEN offers both displayed and non-displayed orders, while ASPEN VERT provides another trading option with a different fee structure.

The venues are intended to serve Canadian dealers, institutional investors, retail brokers, market makers Market Makers Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Read this Term and other market participants.

Fractional Shares and Longer Hours Planned

The underlying technology uses trading data for individual stocks to determine when trades should take place. CIX said this is designed to reduce market impact and other costs that can affect execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term.

Jeff Foster, CEO of CIX, said the company was created to bring trading technology used in other major markets to Canada.

"We founded CIX because we believe Canadian investors and market participants should have access to the same advanced trading innovation available in the world's leading markets," Foster said.

Beyond its initial offering, CIX has also received approval to introduce fractional-share trading and extended trading hours. The company expects these features to become available later this year, subject to industry and regulatory readiness.

With the initial rollout now underway, CIX plans to expand its securities coverage and add the approved trading features later this year.