Chi-Vision™ Smart Liquidity Consolidation

Chi-Vision is the next step in the continued development of Chi-X Europe's (Chi-X) service offering.  Chi-Vision can source liquidity from the Chi-X visible order book, Chi-Delta non-displayed order book and external liquidity providers (ELPs) using Smart Order Routing technology.

Liquidity: Chi-Vision helps to consolidate liquidity that participants would otherwise have to work harder to access.

Efficiency: Chi-Vision offers the same high-throughput, low-latency technology as the rest of Chi-X's core system. With certain ELPs proximity hosted at Chi-X's data centre, Chi-Vision can offer roundtrip latency in some cases less than 400 microseconds. Trades resulting from Chi-Vision will be netted against participants' trading activity in the Chi-X visible book and Chi-Delta after being novated to the CCP, enabling margin offset and netting efficiencies.

Low cost: Participants are able to access multiple pockets of liquidity at no additional cost, with all executions through Chi-Vision being charged at just 0.3bps. This is the same charge as aggressive and non-displayed executions on Chi-X and Chi-Delta.

Price improvement: Chi-Vision offers greater potential price improvement opportunities as ELPs execute orders at or within a defined EBBO (European Best Bid or Offer) or at the mid price of the PBBO (Primary Best Bid or Offer).

Participants may use FIX tag 57 to smart route, with the option of a range of strategies. The first supported strategy is 'CXEP', routing to Chi-Delta, the Chi-X visible order book and then to ELPs. Sessions can be configured to exclude certain ELPs at the request of the participant.

Trades that take place via the Chi-X visible book or Chi-Delta will be printed to the CHIXMD feed. Trades executed via ELPs will be printed via the Chi-X trade reporting service. Participants will be able to identify trades that executed via ELPs as these trades will be flagged with an 'X' in FIX tag 9730.

Chi-Vision has been approved by the FSA and is a separate service from the Chi-X MTF. Similar to executions on the Chi-X MTF, trades that execute through Chi-Vision also benefit from reduced counterparty risk through the use of a central counterparty.

Chi-Vision requires a separate agreement to the Chi-X MTF agreement.  The service is only available to firms which are trading participants of Chi-X and also meet the definition of eligible counterparties.

To find out more about this service, please contact Chi-X Sales at:

UK & Ireland Sales
Email: uk.sales@chi-x.com

Continental Europe Sales
Email: europe.sales@chi-x.com

US Sales
Email: us.sales@chi-x.com

For Compliance queries please contact Chi-X Compliance at:
Telephone: +44 (0) 20 7131 3399
e-mail: Compliance@chi-x.com

For technical queries and to arrange testing, please contact Chi-X Technical Operations at:
Telephone: +44 (0) 20 7131 3300
e-mail: Operations@chi-x.com