The Chicago Stock Exchange has launched a new fully automated trading system in which participants from any location can submit orders for immediate display, execution and cancellation.
The new technology offers a wide variety of order types, including reserve orders, undisplayed orders and midpoint crosses.
Currently, the new model supports the trading of all Nasdaq-listed issues and incorporates an aggressive pricing plan. NYSE and AMEX listed securities are in the process of being added to the new model, with all equities expected to be available for trading late in December.
In the interim, trading of those NYSE and AMEX securities continues to be supported by CHX specialist firms and floor brokers as they prepare their own migration to the new trading model.
This rollout is the culmination of a multiple year effort to meet the requirements of Reg NMS and satisfy the growing trend towards high-velocity algorithmic trading, said Dave Herron, CHX CEO. CHX strives to provide solutions that will exceed the needs of the equity trading industry and we are confident that our users and their customers will be pleased with our new model.
As part of the exchange’s evolution, the trading floor will no longer be a facility of the exchange. However, the floor space will remain open as a shared trading venue, available to support the operations of equity, options and futures trading customers.