CIX will operate three trading books trading all Canadian Securities
CIX MIDPOINT
Dark market leveraging discrete matches, milliseconds apart, calibrated per-name for minimal post-trade price impact
Features:
Pay/Pay Pricing
Price Discovery
Price Stability
CIX ASPEN
Visible market utilizing optimized matching delays, microseconds apart, to enable larger posted size and tighter spreads
Features:
Maker/Taker Pricing
Enhanced Liquidity
Extended Hours CLOB (Coming Q4)
Improved Markouts
CIX ASPEN VERT
Visible market utilizing optimized matching delays, microseconds apart, to enable larger posted size and tighter spreads
Features:
Taker/Maker Pricing
Fractional Share Trading
Extended Hours CLOB (Coming Q4)
Enhanced Liquidity
Improved Markouts
Let your performance soar.
Conventional exchanges match orders.
CIX matches orders to achieve an optimal experience for both sides of the trade - getting the order done while moving the price as little as possible.
CIX Optimization Cycle
CIX matches orders at discrete times, within microseconds of arrival in ASPEN, and milliseconds in MIDPOINT, to maximize price discovery and price stability after trades. The matching schedules are created per-security using the first-of-its-kind closed-loop measurement-optimization-calibration cycle that allows the venue to continuously improve and adapt to changing market conditions. The optimization process ‘solves for’ a dual objective of minimizing price impact, while maximizing liquidity.
Measurement
Trade-by-trade multi-horizon market response measurement tracks how the venue trades and informs future matching decisions.
Calibration
The ATS matching engine modulates the time between matches based on optimization targets. This delivers a highly stable quote while matching as often as possible.
Optimization
Per-security machine learning system calibrates match frequencies towards an optimal sweet-spot of liquidity and quote stability.
MIDPOINT Match
Trade the perfect midpoint, with maximum price stability after the print.
— Continuous order management—orders can be updated without delays
— Only interacts with other midpoint orders
Adverse Selection Protection Engine
Imagine the ultimate price discovery platform. ASPEN enables makers to post bigger sizes and tighten spreads and empowers the takers to access deeper liquidity.
— Near-continuous limit order book
— Matches occur at calibrated times under 1 millisecond
— Continuous order management — orders can be updated without delays
— Quotes can be displayed or non-displayed
— Primary-pegged orders are automatically repriced to float with the NBBO to avoid being run over
CIX MIDPOINT
CIX ASPEN
CIX ASPEN VERT
Trading Hours
9:30 AM ET - 4:00 PM ET
8:00AM – 5:00PM ET (Launch)
7:00AM – 8:00 PM ET (Coming Q4)
8:00 – 5:00PM ET (Launch)
7:00AM – 8:00 PM ET (Coming Q4)
Trading Model
Near-continuous (milliseconds)
Near-continuous (microseconds)
Near-continuous (microseconds)
Securities Traded
All Canadian listed securities (TSX, TSXV, CBOE, CSE)
All Canadian listed securities (TSX, TSXV, CBOE, CSE)
All Canadian listed securities (TSX, TSXV, CBOE, CSE)
