IRESS develops algorithm for new CX2 odd lots
TORONTO, Nov. 27, 2014 /CNW/ - IRESS, the leading supplier of financial markets, wealth and mortgage management systems today announced that it has created a new BMR odd lot routing algorithm in support of the new CX2 Canada ATS odd lot facility.
This new initiative will enable IRESS clients to take advantage of guaranteed fills for odd lot orders that are immediately marketable against the Canadian Best Bid Offer (CBBO) through CX2's auto-execution facility. This customized algorithm will also ensure Mixed lot orders benefit from these price improvement opportunities. The new IRESS BMR routing algorithm extends the automated execution strategies available to IRESS clients, contributing to its position as one of the most highly configurable and utilized smart order routers (SOR) in Canada.
Ricardo DaCosta, Director of Business Development and Strategy, IRESS commented: "As the largest facilitator of retail order flow in Canada, IRESS is playing a key role in shaping the evolution of financial markets. Our ongoing active collaboration with major industry stakeholders allows IRESS to be at the forefront of evolving market structure changes.
"We remain committed to delivering the best possible outcomes for our clients and are continuously advancing our execution platform in pursuit of achieving the best overall execution for clients. Our early involvement in this and other projects ensure our clients are able to benefit from our Canadian and global financial markets experience".
Dan Kessous, CEO, Chi-X Canada, added "We have benefitted greatly from the collaboration with IRESS, who as a significant international and regional player is uniquely placed to provide valuable guidance and market insight. We are excited that IRESS clients will be able to take immediate advantage of our new odd lot facility, which will provide significant execution advantages by providing guaranteed fills on securities with odd lot dealers on CX2."
The odd lot algorithm will be made available to IRESS clients ahead of the CX2 oddlot facility launch in production.
About IRESS
IRESS is a principal supplier of financial markets, wealth and mortgage management systems in Canada, Australia, Asia, South Africa, New Zealand and the United Kingdom.
All product streams support a diverse range of roles and offer front, middle and back-office functionality for clients that range from financial service institutions through to independent operators.
Fully customizable, IRESS integrates equities and derivatives trading, automated order management, smart order routing, international market data, and compliance monitoring. Designed for high performance environments, IRESS solutions are fully managed, provide low execution latencies and offer seamless access to specialized markets and strategy engines.
IRESS is a progressive, service-based organisation that employs over 1350 staff globally, with local knowledge and industry experience.
IRESS strives for excellence in relationships with clients and industry bodies alike. IRESS is client-driven, responsive and promotes a culture that supports working with customers and the industry to face challenges and keep pace with industry developments.
SOURCE: IRESS Canada Holdings Ltd.
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